We’ll use revenue from food exports to pay debts — Ogbeh

Chief Audu Ogbeh, Minister of Agriculture and Rural Development, has said the Federal Government will henceforth use revenue from agric produce export to pay the nation’s debts.


He said this in response to appeals from stakeholders for the government to start off the second phase of the West Africa Agricultural Productivity Programme (WAAPP) in Nigeria.
 
Chief Audu Ogbeh
Minister of Agriculture and Rural Development

Ogbeh said: “A portion of any loan we take now will be dedicated to encouraging agricultural production and exportation of products grown by young people and women. We just have to earn more foreign exchange because we must pay our debts. According to statistics, we are spending 66 per cent of all our tax revenues on servicing debts.

“If we are servicing debts and not paying the principal, in another 10 years, this country will be in such debts that will make us to be facing major embarrassment. So, we will take part of our loans and invest it in agricultural projects that young people pursue for exports, so that we can earn both foreign exchange and Naira. The rest of the loans will go into training of youths and promotion of our produce.”

The minister added that he will ensure that the input from the ministry is stronger in second phase of the programme even as the World Bank is already preparing for the next phase. “They (World Bank) did quite well but there were duplications in our programmes; we intend to streamline them now.”

The objectives of WAAPP has been on transforming West African agriculture by boosting agricultural productivity and its sustainability, reducing hunger and improving nutrition as well as creating jobs and supporting collaboration across borders.


The programme has 13 participating West African countries, including Nigeria, Republic of Benin, Burkina Faso, Côte d’Ivoire, Gambia, Ghana, Guinea, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.

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