• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Nigeria and World Bank Launch $600 Million Boost for Rural Roads and Agriculture

Olusola Blessing by Olusola Blessing
December 16, 2024
in Agriculture&Agro-Allied, News
0
World Bank Releases $1.5bn Loan to Nigeria for Economic Reforms
Share

In a major move to boost rural economic growth and reduce poverty, the Federal Government of Nigeria, in partnership with the World Bank, has announced a $600 million scale-up for the Rural Access and Agricultural Marketing Project (RAAMP).  

Nigeria has approximately 200,000 kilometers of rural roads, but only 40,000 kilometers are usable, leaving 87% in poor condition. This infrastructure gap has hampered agricultural productivity and market access for rural communities.  

Speaking in Abuja on Friday, Aliyu Sabi Abdullahi, Minister of State for Agriculture and Food Security, disclosed that the initiative includes $500 million in funding from the World Bank and a $100 million counterpart contribution from Nigeria’s federal and state governments. The upgraded project aims to expand its impact from 19 states to all 36 states of the country.  

The RAAMP initiative seeks to improve rural access to markets, enhance agricultural productivity, and provide critical infrastructure such as roads and markets. Abdullahi emphasized that the $600 million investment will benefit millions of rural Nigerians by creating economic opportunities and supporting agricultural clusters.  

“This collaboration between the World Bank and the Federal Government will significantly promote rural development, economic growth, and poverty reduction,” Abdullahi stated.  

The minister highlighted the project’s alignment with President Bola Tinubu’s *Renewed Hope* agenda, which prioritizes food security, economic growth, job creation, and poverty eradication. He added that improved rural connectivity will establish agricultural clusters, enhance raw material transportation, and support agro-industries crucial for Nigeria’s economic diversification.  

Abdullahi also addressed the challenges of rural-urban migration, which he linked to poor rural infrastructure and limited economic opportunities. “If rural areas lack economic activities, the energy of the youth will drive them to urban centers, creating high unemployment challenges,” he explained.  

The project, previously funded with $280 million by the World Bank under RAAMP, has seen significant success in its earlier phases. Its scale-up will institutionalize the development of rural road networks across Nigeria. Abdullahi noted that nearly all states in the federation are eager to onboard the initiative due to its proven benefits.  

“All parties involved agree that sustainability must be embedded into the project as we move forward,” he added.  

The RAAMP initiative marks a critical step toward addressing Nigeria’s rural infrastructure deficit and unlocking the potential of its agricultural sector, creating a pathway for long-term economic growth and inclusivity across the nation.

 

Post Views: 44
Share

Related Posts:

  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • Top 15 Social Media Marketing Tools for Nigerian Entrepreneurs
    15 Social Media Management Tools That Will Make Life…
  • #IWD2023: Celebrating Outstanding Women in Micro Small and Medium Enterprises
    #IWD2023: Celebrating Outstanding Women in Micro…
  • How African Startups Can Secure Funding in Tough Markets
    How African Startups Can Secure Funding in Tough Markets
Tags: MSMEsRAAMPSMEs
Previous Post

Call For Applications: OGTAP Oil and Gas Internship 2025 For Nigerians

Next Post

Z.Systems Raises $1.5M to Revolutionize Africa’s Retail Sector

Next Post
Z.Systems Raises $1.5M to Revolutionize Africa’s Retail Sector

Z.Systems Raises $1.5M to Revolutionize Africa’s Retail Sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • SMEDAN Licenses Business Development Service Providers to Boost MSMEs Across Nigeria
  • New Climate-Smart Initiative to Empower 25,000 Farmers in Nigeria’s Grain Sector
  • NECA, Stakeholders Push for Enabling Environment and Rights-Based Support to Strengthen MSMEs
  • TeKnowledge Launches AI-First Services and Cybersecurity Solutions to Drive Nigeria’s Digital Transformation
  • CBN Warns Nigerians Against Rising Wave of Fraudulent Financial Offers

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2024
  • Otabor Osayomore Blessing on Ultimate 2024 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.