AfDB offers $300m loan for youth in agriculture

African Development Headquarter, Abidjan, Ivory Coast.

African Development Headquarter, Abidjan, Ivory Coast.

Minister of State for Agriculture and Rural Development, Heneiken Lokpobiri, has disclosed that the African Development Bank (AfDB) is proposing to offer $300million loan to Nigeria for the development of Youth in Agriculture Project.

Lokpobiri, who revealed this in Abuja at the ENABLE Youth Programme in African Agriculture championed by AfDB in collaboration with the International Institute of Tropical Agriculture (IITA), said Nigeria has begun discussions with the bank to work out the modalities for the loan.

He observed that the biggest challenge confronting the youth in agriculture is availability and affordability of funds. He decried the high interest rates charged by commercial banks, as well as their lackadaisical attitude to provide loans to those who wish to take agriculture as a business.

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