The Kwara State Government has partnered with First City Monument Bank under the World Bank-funded State Action on Business Enabling programme, to enhance the business in the state.
In a statement made available to The PUNCH on Tuesday, a key milestone in this initiative was a workshop held on June 6, 2024, in Ilorin, which focused on the Framework for Responsible and Inclusive Land-Intensive Agricultural Investments.
The Kwara State Commissioner for Finance, Hauwa Nuru, stated that the adoption of the programmes represented a step towards elevating agricultural investments to international standards.
He noted that the framework and its methods for food security, community needs, resettlement, legal frameworks, and support systems would be explored with the use of land resources.
“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,” the commissioner explained.
The Managing Director of FCMB, Yemisi Edun, reaffirmed the bank’s dedication to fostering inclusive and sustainable growth.
She lauded the state government for its progress in advancing reforms and meeting the criteria set by the World Bank and the Federal Government.
“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 sovernment 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,” she averred.
A World Bank Technical Advisor, Paul Adepelumi, added that the framework ensured land acquisition and resettlement for large-scale agribusiness investments aligned with international best practices.
He noted that the approach would create an enabling business environment and improve the agricultural value chain.
“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,” Adepelumi.
