NIGERIA: CDC to grant $2.1 million for sugar development
Published: 09/07/2010, 4:20:07 PM
Nigeria's National Sugar Development Council (NSDC) said yesterday that Nigeria and Cote d'Ivoire would soon get about US$2.1 million grant from the Common Fund for Commodities (CFC), according to Nigeria's Compass newspaper.
Executive Secretary of the council, Alhaji Usman Bello said the approval for the grant was given at the 48th meeting of the Executive Board of the CFC held in Abuja.
Bello said the grant was aimed at developing the project, which could fit in into the International Sugar Organisation's (ISO) objective to "improve the long-term profitability of sugar industry, particularly in developing countries, by improving productivity."
According to him, the CFC has identified the commodity approach as a veritable tool in the global efforts to assist developing countries like Nigeria to achieve sustainable development of their natural resources.
Bello said the CFC would fund the project while the ISO would be the supervisory body. The National Sugar Development Council (NDSC) will serve as the project executing agency, he said.