OLAM contributes N13.5bn to Benue economy through IFAD-VCDP—Programme coordinator

Mon, Nov 13, 2023
By editor
2 MIN READ

Economy

THE International Fund for Agricultural Development (IFAD)-Value Chain Development Programme (VCDP) has contributed N13.52 billion to the Benue economy through OLAM private partnership arrangement, a state official says.

Olam is a private partner of the VCDP programme, a leading agree-business that operates in 70 countries.

The State Programme Coordinator, Mr Emmanuel Igbaukum, disclosed at a courtesy visit to the Secretary to the State Government, Prof. Joseph Alakali, on Monday in Makurdi.

Igbaukum said that the money was generated through the purchase of 99,452 metric tonnes of rice paddy from IFAD-VCDP farmers by OLAM.

He also said that through IFAD-VCDP, cassava farmers sold 87,237 metric tonnes of cassava thereby raking in N3.925 billion to the Nigerian food security and N14.662 billion to the state economy.

He added that IFAD-VCDP had assisted farmers to increase average yield of rice from 1.2 metric tonnes per hectare to 4.5 metric tonnes per hectare.

The coordinator said that cassava yield had increased from eight metric tonnes to 10 metric tonnes per hectare to 25 to 30 metric tonnes per hectare.

Responding, Alakali expressed excitement over the achievements of IFAD-VCDP in the state.

He sued for its sustenance; assuring that the state government would continue to support international organisations by paying its counterpart fund promptly. (NAN)

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-November 13, 2023 @ 16:25 GMT |

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