The Federal Government has entered into an agreement with the United Nations Development Programme to commit a total of $8.06m (N2.45bn) to boost agricultural output along the rice and cassava value chain.
The deal for the funding was sealed between the Nigeria Incentive-Based Risk Sharing for Agricultural Lending, the Ministry of Agriculture and Rural Development and the UNDP.
The Managing Director, NIRSAL, Mr. Aliyu Abdulhameed, said the programme would be implemented through the Nigerian Agribusiness Supplier Development Project.
Speaking at the signing of the Memorandum of Understanding, he said that the focus of the NASDP was to eliminate supply chain bottlenecks in the rice and cassava value chains through improved linkages between production and processing actors.
Out of the total $8.06m, Abdulhameed stated that NIRSAL would provide the sum of $1,558,500 which is approximately 20 per cent of the entire funding requirement, to implement the project.