The Federal Government has announced a substantial ₦1.7 trillion agricultural investment initiative aimed at transforming Nigeria's food systems and enhancing farmer access to finance, mechanization, and vital inputs.
The cornerstone of this initiative is the recapitalization of the Bank of Agriculture (BOA) with ₦1.5 trillion, intended to significantly improve financial access for farmers across the nation. An additional ₦200 billion will directly support national agricultural programs.
Minister of Agriculture and Food Security, Abubakar Kyari, made the announcement during a meeting with a Gambian delegation in Abuja.
He stated that the recapitalized BOA will deliver low-interest credit and specialized financial services to millions of farming households, while the ₦200 billion will fund initiatives like fertilizer distribution and youth empowerment. Already, 2.15 million bags of fertilizer have been distributed.
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These efforts are aligned with President Bola Ahmed Tinubu's declaration of a national food security emergency in July 2023. The Ministry is also establishing a National Farmers' Registry to efficiently target interventions for 42 million farming households.
The Gambia's Minister of Agriculture, Demba Sabally, praised Nigeria's integrated rice production model and sought collaboration. This significant investment is expected to boost agricultural productivity, improve food supply chains, and create jobs, solidifying Nigeria's position as a regional agribusiness leader.
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