The Federal Government has secured a $134 million loan from the African Development Bank (AfDB) to enhance agricultural production, with a focus on the seeds and grains sector.
The Ministry of Agriculture and Food Security disclosed this in a statement on Thursday, noting that the funds will support farmers nationwide in increasing the production of staple crops to strengthen food security.
Chief Information Officer Eremah Anthonia stated, “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.”
Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced the loan at the launch of the 2024/2025 National Dry Season Farming initiative in Calabar. Alongside Cross River State Governor Bassey Otu, represented by Deputy Governor Peter Odey, Kyari highlighted the loan’s importance in advancing Nigeria’s agricultural sector.
Kyari emphasized the role of the dry season farming initiative in ensuring year-round production, stating, “This loan will be instrumental in guaranteeing national food security, supporting increased production of essential crops such as wheat, rice, maize, sorghum, soybean, and cassava.”
He added that the loan is part of the National Agricultural Growth Support Scheme – Agro Pocket Project, designed to increase Nigerian farmers’ capacity to meet the country’s growing food demands. The Federal Government has declared a food production emergency to provide affordable, nutritious food for Nigerians.
Kyari also updated on the 2023/2024 dry season support program, revealing that 107,429 wheat farmers were assisted in phase 1, 43,997 rice farmers in phase 2, and an additional 192,095 farmers growing rice, maize, sorghum, millet, soybean, and cassava nationwide.
The minister noted Cross River State’s significant role in wheat production, with over 3,000 wheat farmers set to benefit from the new loan. “Cross River has shown strong commitment to wheat production, which is why we are partnering with the state to enhance Nigeria’s wheat supply for the 2024/2025 dry season farming,” he said.
The initiative aims to support 250,000 wheat farmers across wheat-producing states, with a projected output of 750,000 metric tons, helping to reduce Nigeria’s reliance on wheat imports.
