Nigeria gets $523.8m grant from Islamic Development Bank

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Nigerian government has obtained a $532.8 million grant from the Islamic Development Bank (IDB). The Minister of Finance, Mrs Zainab Ahmed, sealed the deal for the grant meant for Technical Assistance, with the ISDB Group, in Marrakesh, Morocco, Monday.

Zainab Ahmed A statement by the Special Adviser to the Minister of Finance on Media and Communications, Mr Paul Ella Abechi, in Abuja, indicated that the Minister signed on behalf of the federal government, while the Pesident of the ISDB Group, Dr. Bandar M. H. Hajjar, signed on behalf of the Group.

The Minister said the TA agreement grant would be used to address capacity building/equipment and logistics upgrade in the Hajj Commission and for the improvement of cotton, textile and garment value chain in the Federal Ministry of Industry, Trade and Investment.

She added that the National Hajj Commission of Nigeria (NAHCON) gets $243,823.0, and the Federal Ministry of Industry, Trade and Investment gets $280,000 respectively. According, “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.” FG to create strong linkage between agriculture, industry for sustainable growth —Minister Meanwhile, the Minister told members at the Annual General Meeting of the bank that state governments in Nigeria were e 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 stated.

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