Nigeria signs N185.9bn grant agreement with Islamic Bank

Minister of Finance, Mrs Zainab Shamsuna Ahmed has said she has signed a $523,823 (N185,957,165 million) Technical Assistant Agreement grant with the Islamic Development Bank (ISDB) Group.

A statement from the ministry on Monday disclosed that the Minister signed on behalf of the Federal Government while President of the ISDB Group, Dr. Bandar M. H. Hajjar, signed on behalf of the Group, at the 44th ISDB Group Annual Meeting held in Marrakesh, Morrocco with the theme, ‘Transformation In A Fast-Changing World: The Road To SDGs’.

Usman said the TA agreement grants 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.

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“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,” she stated.

Meanwhile, the Minister told participants at the conference that state governments in Nigeria are 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.”