The World Bank, yesterday, said it has approved credit facilities of $300 million for Nigeria to boost farming output and food security.
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A $200 million loan will go to small-holder farmers organised in clusters in six of the country's 36 states for producers of rice, cassava, sorghum and other staples, the World Bank said.
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Another $100 million will be used to improve crop yields, promote market access and better management.
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Nigeria is the world's second-largest importer of rice and sub-Saharan Africa's biggest wheat and sugar buyer. President Goodluck Jonathan's government plans to stop rice imports, now costing 1 billion naira a day ($6.2 million), by 2015.
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Agriculture Minister, Akinwunmi Adesina had a couple of month ago, stated that the country was expecting $1 billion in support from the World Bank, with $500 in agriculture and $500 for expanding the country's irrigation capacity.