Nigeria’s livestock industry is set for a boost, thanks to a $500 million World Bank loan aimed at supporting livestock farmers, processors, and marketers in the country. The loan is being administered by the Livestock Productivity and Resilience Support Project (L-PRESS) and is expected to improve overall productivity, competitiveness, and resilience in the agriculture sector.
Eight Nigerian states, including Adamawa, Borno, Gombe, Taraba, Kogi, Kwara, Niger, and Oyo, have signed the Subsidiary Loan Agreements (SLA) with the Federal Government to access the loan. According to Mr Sanusi Abubakar, the national project coordinator of L-PRESS, these states must sign for their share of the loan before they draw it for the development of livestock production.
Speaking at the post-SLA engagement mission for North East states in Yola, Abubakar highlighted that the successful implementation of the L-PRESS project will enhance productivity and competitiveness in the Nigerian livestock industry. He added that the project would boost the resilience of the agriculture sector.
Adamawa State, one of the beneficiaries of the loan, has already launched a N100 billion agribusiness support programme to create more jobs for the state. The state’s commissioner for agriculture, Usman Yahaya, explained that the homegrown Agribusiness Programme would provide 750,000 direct jobs and 1.5 million indirect jobs for the youths, boost the state’s economy, and generate improved internally generated revenue (IGR). Adamawa State has a comparative advantage over other states, with over 12 rehabilitated cattle markets.
The loan will help Nigeria’s agriculture sector grow by diversifying the livestock value chain and creating jobs, among other benefits.
