FG receives N185m from Islamic Bank to support textile, agric sectors

The Federal Government has secured a technical assistance financing from the Islamic Development Bank (ISDB). The agreement was confirmed today, Monday, in a statement issued by Paul Ella, the Media Adviser to the Minister of Finance.

The Islamic Development Bank signed a pact with the Federal Government during the 44th ISDB Group Annual Meeting, to provide Nigeria with N185.95 million ($523,823). The event was held in Marrakesh, Morrocco.

The Finance Minister, Zainab Ahmed, represented Nigeria at the event which was themed “Transformation in a Fast-changing world: The road to Sustainable Development Goals.” She informed attendees that effort to boost agriculture and food production is ongoing in States across Nigeria.

“STATE GOVERNMENTS IN NIGERIA ARE ADOPTING CLUSTER FARMING WHICH HAS EASED ACCESS TO FUNDS BY FARMERS, INCREASED GROWTH AND ALLOWS ACCESS TO FACILITIES WITHOUT COLLATERAL.”

During the grant signing off, Ahmed signed the agreement on behalf of the Federal Government while the President of ISDB, Dr. Bandar Hajjar signed on behalf of the bank.

Purpose of the grant

The credit will be disbursed to support the textile industry, as well as the agriculture sector which she stated has benefited largely from cheap loan made available to farmers by the Federal Government.

Also, the grant would be used for the improvement of cotton, textile, and garment value chain in the Federal Ministry of Industry, Trade and Investment.

Another beneficiary of the grant would be the Hajj commission, as the country intends to address capacity building, acquisition of equipment, and logistics upgrade in the Hajj Commission.

Division of the grant among these beneficiaries: Ahmed said $243,823 from the grant will be given to the National Hajj Commission of Nigeria, while $280,000 will be disbursed to the Federal Ministry of Industry, Trade and Investment.

“THE TECHNICAL ASSISTANT AGREEMENT GRANT OF $243,823.0 TO THE NATIONAL HAJJ COMMISSION OF NIGERIA IS FOR CAPACITY BUILDING/EQUIPMENT AND LOGISTICS UPGRADE.

“TA GRANT OF $280,000 TO THE FEDERAL MINISTRY OF INDUSTRY TRADE AND INVESTMENT IS FOR THE IMPROVEMENT OF COTTON, TEXTILE AND GARMENT VALUE CHAIN.”


Source: Nairametrics

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