Nigeria Secures $134Million AfDB Loan To ‘Support Farmers, Boost Production’
This is contained in a statement released on Thursday, by Eremah Anthonia, Chief Information Officer at the Ministry of Agriculture and Food Security.
The Federal Government of Nigeria has obtained a $134 million loan from the African Development Bank (AfDB) to accelerate agricultural production, with a primary focus on strengthening the seeds and grains sector.
This is contained in a statement released on Thursday, by Eremah Anthonia, Chief Information Officer at the Ministry of Agriculture and Food Security.
According to Anthonia, the loan is part of a strategic initiative to support farmers across Nigeria in increasing the production of essential staple crops, which is expected to significantly enhance the country’s food security.
Speaking at the flag-off ceremony for the 2024/2025 National Dry Season Farming initiative in Calabar, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, highlighted the potential impact of the loan on the nation’s agricultural sector.
Senator Kyari was joined at the event by Cross River State Governor Bassey Otu, represented by Deputy Governor Peter Odey.
“The Federal Government has secured a loan facility of $134 million from the African Development Bank to help farmers boost seeds and grain production in the country,” said Kyari.
The statement read, “The reintroduction of the national dry season farming is key to ensuring year-round agricultural production.”
“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.
According to Kyari 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 noted that the Federal Government had already declared an emergency on food production, ensuring Nigerians have access to affordable, nutritious food.
He explained that 150,000 rice farmers will be supported, with an expected output of about 450,000 metric tons of rice, covering all 36 states and the Federal Capital Territory.
“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,” he said.
