The Kwara State Government has collaborated with First City Monument Bank (FCMB) under the World Bank-funded State Action to boost business activities in the state. The partnership resulted from the Ilorin workshop on June 6, 2024, which focused on the Framework for Responsible and Inclusive Land-Intensive Agricultural Investments.
The Kwara State Commissioner for Finance, Hauwa Nuru, stated that the programs are steps toward promoting agricultural investments to international standards.
He said, “Our goal is to improve agricultural practices by elevating land-intensive agricultural investments in Kwara State to international standards, ensuring long-term benefits for future generations.
“We will explore the framework, including strategies for valuation, resettlement, compensation, community needs, food security, successful models, regulatory frameworks, and support mechanisms. Leveraging our extensive land resources, we are committed to driving sustainable economic development,”
In response, the Managing Director of FCMB, Yemisi Edun, reiterates the bank’s decision and dedication towards fostering inclusive and sustainable growth in the agriculture sector.
She applauded the Kwara state government for meeting the requirements set by the World Bank to ensure the partnership takes place.
She said, “The SABER fund and FRILIA will promote harmony, attract investment to Kwara State, create jobs and wealth, reduce rural-urban migration, and ensure prosperity for individuals, communities, and the nation. We commend the state government for progressing in advancing reforms and for meeting the stringent criteria set by the World Bank and the Federal Government to benefit from the fund.”
The World Bank Technical Advisor, Paul Adepelumi, avers that the framework will enhance land acquisition and resettlement for large-scale agricultural investments in line with international best practices.
According to Adepelumi, “The initiative guarantees shared benefits between private investors and communities, creating an enabling business environment and improving the agricultural value chain through proactive management of environmental and social impacts”
