The Federal Government has successfully secured a $134 million loan facility from the African Development Bank to boost agricultural production, particularly in the seeds and grains sector.
This funding was disclosed in a statement released by the Ministry of Agriculture and Food Security on Thursday.
The loan was announced by the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, during the flag-off of the 2024/2025 National Dry Season Farming initiative in Calabar.
Kyari, alongside Cross River State Governor Bassey Otu, represented by Deputy Governor Peter Odey, emphasised the importance of the loan for the continued development of Nigeria’s agricultural sector.
He disclosed that 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.
“The reintroduction of the national dry season farming is key to ensuring year-round agricultural production,” Kyari said.
“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.
The Chief Information Officer at the Ministry of Agriculture and Food Security, Eremah Anthonia, in the statement further remarked that the fund will support farmers across the country to increase production of key staple crops, thereby improving national food security.
“The Federal Government has secured a loan facility of $134m from the African Development Bank to help farmers boost seeds and grain production in the country,” the statement read.
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