Abuja, Nigeria, March 8, 2018 - IFC,
a member of the World Bank Group, has signed a cooperation agreement with
the Government of Nigeria to implement a $2 million initiative targeting
regulatory and institutional reforms that will strengthen Nigeria’s agribusiness
sector, creating jobs and economic growth.
Nigeria is one of three African countries
(along with Ethiopia and Tanzania) to benefit from the World Bank Group’s
Livestock and Micro Reforms in Agribusiness (L-MIRA) program, whose overarching
objective is to improve competitiveness of the dairy and poultry sectors.
Alejandro Alvarez de la Campa, Practice Manager
for the World Bank Group’s Finance, Competitiveness, and Innovation global
practice, said: “Dairy and poultry are important livestock sectors that
contribute significantly to agribusiness, a key growth sector in Nigeria.
By introducing harmonized and simplified regulations related to animal
feed, drugs and vaccines, this initiative will help spur socio-economic
development in the country.”
The World Bank Group’s Nigeria project will
streamline the regulation of animal feed to remove overlapping or redundant
regulatory requirements related to the standards and quality control mechanism,
as well as the registration and renewal process for drugs and vaccines.
The project will also support reforms to better and more efficiently regulate
animal feed in markets, and coordinate government agencies involved in
regulating animal feed.
The four-year initiative is funded by the
Bill & Melinda Gates Foundation and was endorsed by key national partners,
including Nigeria’s Federal Ministry of Agriculture and Rural Development,
the National Agency for Food and Drugs Administration and Control, the
Standards Organization of Nigeria and the Nigerian Institute of Animal
IFC, a sister organization of the World
Bank and a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In FY17, we delivered a record $19.3 billion in long-term
financing for developing countries, leveraging the power of the private
sector to help end poverty and boost shared prosperity. For more information,