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Cabinet officials

Federal Government Secures $134 Million Loan to Boost Agricultural Production

Strategic Insights

— 2 min read

The Federal Government has secured a $134 million loan from the African Development Bank (AfDB) to enhance seed and grain production in Nigeria. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, announced this at the unveiling of the 2024/2025 National Dry Season Farming in Calabar. The loan is part of the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project, which aims to guarantee national food security and boost year-round agricultural production.

Key Takeaways:

  • The Federal Government has secured a $134 million loan from the African Development Bank (AfDB) to support seed and grain production in Nigeria.
  • The loan is part of the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project, which aims to guarantee national food security and boost year-round agricultural production.
  • The project targets to support 250,000 wheat farmers across the wheat-producing states with subsidized agricultural inputs, covering 250,000 hectares of land, and expected to produce 750,000 metric tonnes of wheat.
  • The project will also support 150,000 rice farmers under the second phase, covering all 37 states, and expected to produce 450,000 metric tonnes of rice.
  • The government has commenced the sale of 30,000 metric tonnes of milled rice to Nigerians at subsidized rates of N40,000 per 50-kilogramme bag.
  • The government has also initiated an agricultural mechanization programme, totalling $1 billion in investments over 10 years, to set up 1,000 agro centres with service providers across the country.
  • The government has provided support to 107,429 wheat farmers, resulting in an output of 474,628 metric tonnes of wheat.

Statistics:

  • $134 million loan facility from the Africa Development Bank (AfDB) to support seed and grain production in Nigeria.
  • 250,000 wheat farmers to be supported across the wheat-producing states with subsidized agricultural inputs.
  • 250,000 hectares of land to be cultivated under the 2024/2025 dry season farming project.
  • Expected output of 750,000 metric tonnes of wheat from the project.
  • 150,000 rice farmers to be supported under the second phase of the project, expected to produce 450,000 metric tonnes of rice.
  • 30,000 metric tonnes of milled rice to be sold to Nigerians at subsidized rates of N40,000 per 50-kilogramme bag.
  • 1 billion dollars investment over 10 years for the agricultural mechanization programme.
  • 1,000 agro centres with service providers to be established across the country under the agricultural mechanization programme.
  • 600,000 youths to be engaged under the agricultural mechanization programme.
  • 2000 tractors to be provided yearly for the next five years under the agricultural mechanization programme.

Sources:

  • Ministry of Agriculture and Food Security (Sen. Abubakar Kyari)
  • African Development Bank (AfDB)
  • National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project

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