$500M World Bank Loan to Support Real Farmers in Nigeria

Emmanuel Atama, the CEO of the National Cooperative Financing Agency of Nigeria, assured that a $500 million loan from the World Bank will be allocated to one million genuine farmers rather than politicians. In an interview with Trust TV, Atama emphasized that previous interventions failed to reach farmers due to a lack of information and political interference.

He expressed a commitment to removing bottlenecks in the distribution of funds. The World Bank highlighted pitfalls in the Anchor Borrowers' Scheme, and Atama stated that this time, they will not allow such issues to recur.

He announced that the program will involve sensitizing local farmers to ensure they receive the funds. The loan will be paid to farmers in the form of inputs, and he noted that only about 10-15 percent of the loan will be in cash.

The approach will involve a central coordination system to streamline the process and ensure clarity in fund distribution.