BREAKING: FG secures $134m AfDB loan facility for agricultural growth

The Federal Government has successfully secured a $134m loan facility from the African Development Bank aimed at boosting agricultural production, particularly in the seeds and grains sector.

 

This funding was disclosed in a statement released by the Ministry of Agriculture and Food Security on Thursday.

 

The Chief Information Officer at the Ministry of Agriculture and Food Security, Eremah Anthonia, in the statement, said the fund will support farmers across the country to increase production of key staple crops, thereby improving national food security.

 

“The Federal Government has secured a loan facility of $134m from the African Development Bank to help farmers boost seeds and grain production in the country,” the statement read.

 

The loan was announced by the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, during the flag-off of the 2024/2025 National Dry Season Farming initiative in Calabar.

 

Kyari, alongside Cross River State Governor Bassey Otu, represented by Deputy Governor Peter Odey, emphasised the importance of the loan for the continued development of Nigeria’s agricultural sector.

 

“The reintroduction of the national dry season farming is key to ensuring year-round agricultural production,” Kyari said.

 

“This loan will be instrumental in guaranteeing national food security, as it will support increased production of critical crops such as wheat, rice, maize, sorghum, soybean, and cassava,” he added.

 

Kyari disclosed that the loan is part of the National Agricultural Growth Support Scheme – Agro Pocket Project, a strategic initiative aimed at enhancing the capacity of Nigerian farmers to meet growing food demands.

 

He revealed that the Federal Government had already declared an emergency on food production, ensuring Nigerians have access to affordable, nutritious food.

 

Kyari also provided an update on the ongoing support to farmers under the 2023/2024 dry season program, saying, “To date, we have supported 107,429 wheat farmers under phase 1, 43,997 rice farmers under phase 2, and an additional 192,095 farmers growing rice, maize, sorghum, millet, soybean, and cassava across the country.”

 

The minister highlighted Cross River’s pivotal role in Nigeria’s wheat production, noting that over 3,000 wheat farmers in the state would benefit from the new loan facility.

 

“Cross River has shown tremendous commitment to wheat production, which is why we are partnering with the state to enhance the country’s wheat supply, starting with the 2024/2025 dry season farming,” Kyari explained.

 

He said the initiative targets to support 250,000 wheat farmers across wheat-producing states, with an estimated output of 750,000 metric tons of wheat, which will help reduce Nigeria’s dependence on wheat imports.

 

Additionally, 150,000 rice farmers will be supported, with an expected output of about 450,000 metric tons of rice, covering all 37 states, including the Federal Capital Territory.

 

Otu reiterated his state’s commitment to the agricultural agenda, particularly wheat production, stating, “We have a deliberate agriculture policy to ensure food availability, and this collaboration will propel us to produce more grains and seeds for the nation.”

 

The National Project Coordinator of the National Agricultural Growth Support Scheme, Mr Buba Ishaku, further elaborated on the project’s implementation.

 

“The initiative will provide farmers with quality seeds and grains to ensure a substantial increase in crop yield, benefiting millions across the country,” Ishaku stated.

 

 

TO READ MORE NEWS UPDATES; CLICK @ https://www.voiceairmedia.com

 

NOTE: YOU can join our WhatsApp, Telegram for the news updates you need by sending your name & location to WhatsApp No. @ http://Wa.me/+2348111142174