The Economic Community of West African States (ECOWAS) Commission and the African Development Bank (AfDB) have signed an agreement worth $11.18 million to enhance rice production across the region.
ECOWAS made the announcement in a video posted on its social media platforms on Tuesday.
Speaking after the signing ceremony in Abuja, Omar Touray, president of the ECOWAS commission, highlighted the significance of the partnership in achieving self-sufficiency in rice production across West African nations.
“This not the first time or the only response we have received from the African Development Bank, you would recall, African Development Bank is working with us on the flagship program, which is the Lagos corridor, the prior corridor, and they’ve now responded again to another call for support in the area of food security,” Touray said.
“We want to express our gratitude to His Excellency, Dr Adeshina, president of the bank, and the entire management of the bank.”
Touray also assured that the commission will work very fast on the implementation of the programme.
“I have indicated measures we have taken that seek to expedite the implementation of programs of this nature, and we will continue to do that, we very appreciate it”.
On his part, Abdul Kamara, AfDB’s director-general for Nigeria, said the initiative would lay a solid foundation for the region, positioning African countries to attain food security and reduce dependence on rice imports.
“Today is a historic day. The African Development Bank and the ECOWAS commission signing an agreement of close to $12 million, $11.18 million to be precise, using the leverage of the ECOWAS rice Observatory, which we know has been doing a fantastic job in talking to the countries, in organising the countries, in sensitising them,” Kamara said.
“And with the African Development Bank having developed the special agro industry processing zones, with focus is on specific value chains, and riding one of those, we know this initiative is going to lay a very solid foundation that will position West African countries to to achieve self sufficiency in rice.”
In 2019, AfDB had supported ECOWAS for funds in constructing the $2 billion Lagos-Abidjan highway project.
Four years later, the bank and the ECOWAS Bank for Investment and Development (EBID) signed a deal to provide access to a dual currency credit line of $50 million and €50 million to West African agricultural businesses.
