The Federal Government of Nigeria, in conjunction with the World Bank, has set aside $600 million for the second phase of the Rural Access and Agricultural Marketing Project (RAAMP).
Funding Breakdown:
- World Bank Contribution: $500 million
- Federal and State Governments’ Counterpart Funding: $100 million
Project Objectives:
- Rural Road Rehabilitation: Improving the state of about 80% of Nigeria’s 200,000 km of rural roads, which impedes rural communities’ ability to conduct economic activity.
- Enhancement of Agricultural Marketing: Expanding rural farmers’ access to markets to increase economic growth and agricultural output.
- Establishment of State Road Funds and Rural Access Road Authorities: Ensuring road sustainability and maintenance, 16 of the 19 participating states have already enacted laws creating these organisations.
Alignment with National Agenda:
This initiative is in line with President Bola Tinubu‘s Renewed Hope strategy, which emphasises social inclusion, economic growth, job creation, poverty alleviation, and food security.
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said; “This collaboration between the World Bank and the Federal Government is set to drive significant progress in rural development, promote economic growth, and reduce poverty.
“The initiative also aligns with President Bola Ahmed Tinubu’s Renewed Hope agenda, which prioritises food security, economic growth, job creation, poverty reduction, and social inclusion.”
