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Development Partners, Private Sector Commit $1.7bn for Food Security


Tuesday, 23 August 2016

Development Partners, Private Sector Commit $1.7bn for Food Security

The private sector and development partners have so far committed $1.7billion for the development of agriculture in the country under the New Alliance and Grow Africa Partnerships.
The partnership was an initiative of G8 Summit at L’Aquila, Italy, which was formed to support Africa’s effort towards food and nutrition security. Essentially, it is a partnerships agreement between the government, private sector and development partners on targeted actions needed to promote agriculture investment and consequently food and nutrition security in Nigeria. Out of the $1.1billion expected to be invested by the private sector by 2016, a total of $1.4billion had already been provided, representing an achievement rate of 123per cent. On the other hand, development partners who were expected to have provided a total of $420million in aid for agriculture by 2016 have actually made the sum 294 million available, representing a 70 percent achievement rate. On the part of the government, which was also expected to fulfil its own part of the agreement by completing 26 specified tasks by June 2016, nine of such obligations were said to have been carried out, representing a 35 percent achievement rate.

Source: nigeriatoday.ng