Cocoa, Oil Palm Projects In Cross River To Gulp $55m

“The World Bank, in collaboration with the Food and Agriculture Organization (FAO) and other partners, has allocated $5 million for cocoa production and $50 million for palm fruit cultivation projects in Cross River State. Originally planned for five years, these projects will now be implemented over three years. Targeting eight local government areas, the initiatives aim to regenerate cocoa plantations, cultivate palm fruits, and create alternative livelihoods for forest communities. Approximately 5,000 farmers, half of whom are women and youths, will benefit from receiving land titles to facilitate access to funding from institutions like the CBN and the Bank of Agriculture. The projects are expected to foster sustainability, resilience, and socio-environmental benefits in the region. Source: DailyTrust

Our Review
The World Bank, FAO, and partners allocated $55 million to enhance cocoa and palm fruit cultivation in Cross River State, accelerating projects initially slated for five years to three. This initiative, under the Global Environment Facility, focuses on eight local government areas to regenerate cocoa and palm plantations and promote alternative livelihoods for forest communities. Benefiting 5,000 farmers, with 50% being women and youths, the program includes land title provisions to facilitate access to financial support from institutions like the CBN and the Bank of Agriculture. Direct disbursement of funds ensures transparency, aiming to transform agricultural practices towards sustainability and resilience, yielding environmental and social benefits.”