TheNigerianVoice Online Radio Center

BY SUNDAY WILLIAMS THE DIRECTOR GENERAL OF INDUSTRIAL TRAINING FUND (ITF), PROF. LONGMAS WAPMUK, HAS SAID THAT THE ORGANIZATION HAS SPENT ABOUT N550M ON MANPOWER TRAINING THIS YEAR. THE DG MADE THE REMARKS MONDAY AT THE COMMISSIONING OF FIVE MACHINES FOR

By NBF News
Listen to article

The Managing Director of the Common Fund for Commodities (CFC), Ambassador Ali Mchumo, has said that the institution will run out of funds generated for commodity related interventions in developing and least developed countries by year 2012.

CFC is an Amsterdam based common fund finances for commodity development projects for smallholder farmers as well as small and medium enterprises in commodity production, processing and trade in developing and least developed countries.

Nigeria being a founding member of CFC in 1989 has benefited from some of the most successful interventions and outcomes in about 34 commodities that are produced in the country.

Speaking in Abuja at the 22nd Governing Council Meeting of CFC, the MD said the essence of the meeting was to discuss the role of commodity fund, future of the fund as an institution and device means of generating capital for continuation of the fund's project beyond 2012.

'By the year 2012, the funding that has been provided for us to finance projects will be exhausted, so we need a new mandate, new finance mechanism and a new role that will be identified by the governing council. Now, consultation is ongoing among members and it will continue till next year when a decision would be made on the financial mechanism of the common funds,' he said.

He said that the meeting will also address the issue of budgeting of the fund as the regional groups want to know the governing council's position in supporting the budget of the fund which has already been decided and recommended by the executive board, adding that they are only waiting for the approval of the council before adopting it.

While appreciating Nigeria's contribution to the fund, Mchumo added that in spite of prevailing global difficult financial and economic situation, Nigeria made a voluntary donation $150, 000 for the commodity related intervention carried out by CFC.