Nigeria seals N186 million deal with Islamic Development Bank

Finance minister, Zainab Ahmed. [PHOTO CREDIT: Daily Trust]
Finance minister, Zainab Ahmed. [PHOTO CREDIT: Daily Trust]

The Federal Government on Saturday signed a $523,823 (N186 million) technical assistant agreement grant with the Islamic Development Bank (ISDB) Group, in Marrakesh, Morocco.

A Finance Ministry statement on Sunday said Finance Minister, Zainab Ahmed, signed on Nigeria’s behalf, while the president of the ISDB Group, Bandar Hajjar, signed on behalf of the Group.

The deal was sealed at the 44th ISDB Group Annual Meeting in Marrakesh, Morrocco on the theme, ‘Transformation In A Fast Changing World: The Road To SDGs’.

At the signing ceremony, the Minister said the TA agreement grants would be used to address capacity building/equipment and logistics upgrade in the Hajj Commission.

Besides, she said the grant will also be used for the improvement of cotton, textile and garment value chain in the Federal Ministry of Industry, Trade and Investment.

The National Hajj Commission of Nigeria (NAHCON), she said, will get $243,823 while the Federal Ministry of Industry, Trade and Investment will get $280,000.

“The Technical Assistant Agreement Grant of $243,823.0 to the National Hajj Commission of Nigeria for capacity building/equipment and logistics upgrade.

“TA grant of $280,000 to the Federal Ministry of Industry Trade and Investment for the improvement of cotton, textile and garment value chain.”

Meanwhile, the Minister told participants at the conference that state governments in Nigeria are doing their best to boost agriculture and food production.

“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,” she said.


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