The Nigerian government has announced plans to launch a large-scale financing model aimed at enhancing the production and processing of key crops, including oil palm, rice, maize, cassava, sugar, and soybean.
The initiative seeks to revolutionize the country's agricultural landscape and bolster food security.
According to a statement signed by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, the proposal was discussed in Abuja by Finance Minister Wale Edun, CEO of the Ministry of Finance Incorporated (MOFI) Dr. Armstrong Takang, representatives from multinational firm KPMG, and private sector stakeholders.
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The initiative aligns with the government's goal of reducing Nigeria's £3 billion annual food import bill by expanding mechanized farming, strengthening local refining capacity, and promoting food security. It emphasizes private sector participation, transparency, and scalability.
Edun and Takang expressed confidence that the private sector-driven model would unlock investments and drive sustainable agricultural transformation, marking a significant step toward a self-sufficient and prosperous Nigeria.
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