Nigerian potato producers to receive loan
Finance Minister Kemi Adeosun told State House reporters after the FEC meeting that the state ought to contribute a N595 million counterpart fund.
The minister described the approval as an important economic development for the nation and the state, saying this would impact on 17 local government councils, especially on job creation.
"My approval was on behalf of Plateau State to support the potato value chain. There is a loan that we had previously cancelled from ADB. So, it is not a new loan. We cancelled it and redirected the money to request on behalf of Plateau State Government to support the potato value chain.'' said Adeosun.
"The rationale is that Plateau actually accounts for 95% of Nigeria's potato production and, from Plateau, potatoes are actually exported to Ghana, Niger, Chad and other countries and despite that, there are huge profit losses because there is not enough storage and there is so much more we can do with Plateau's potatoes.
"So, ADB has come up with a comprehensive programme that will affect over 100,000 families. It is expected to create 60,000 jobs in a potato value chain, from processing, storage, replacement of current inputs and indeed, export. Now, the terms of the loan is 1% per annum interest rate and it has a 25 years moratorium. Plateau State will provide counterpart funding and the balance will be borrowed.
"The amount of the loan is N3.38bn equivalent and Plateau State ought to contribute N595 million as their own counterpart funding. We have put a process in place to ensure adequate monitoring. This is really an important economic development for the nation and for Plateau State in particular.
"We have real advantage in potato production. We are really going to invest the money on roads. In some cases, the money will be used for roads to enable the products to come out. Sometimes, it is for storage. Sometimes, it is transportation. Sometimes, it is access to seedlings."
Source: dailytrust.com.ng
