News in brief:
– The Federal Government has invested over ₦200 billion in agriculture and recapitalised the Bank of Agriculture with ₦1.5 trillion to empower farmers.
– Nigeria’s efforts include regional cooperation, sustainable mechanisation, and a national farmer registry targeting over 42 million households.
The Federal Government has committed over ₦200 billion to agricultural interventions and recapitalised the Bank of Agriculture (BoA) with a massive ₦1.5 trillion, in a bold move to strengthen food security and empower farmers across Nigeria.
This was disclosed by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, during a high-level event in Abuja that included bilateral talks, technical briefings, and a field inspection of Nigeria’s national mechanisation fleet at the National Agricultural Seed Council.
Kyari described President Bola Ahmed Tinubu’s declaration of a State of Emergency on Food Security in July 2023 as a pivotal moment, saying it set Nigeria firmly on the path to agricultural transformation.
“So far, we have committed over ₦200 billion, distributed 2.15 million bags of fertiliser, and recapitalised the Bank of Agriculture to the tune of ₦1.5 trillion to empower our farmers,” Kyari stated.
Recall that plans for recapitalising the bank were announced in February 2024, as we reported. However, at the time, Vice President Kashim Shettima stated that there were concerns about practices, particularly unsustainable loan disbursement. He urged the financial institution to leverage technology, upgrade facilities, and embrace modern financial systems for improved functionality.
Since then, the bank has undergone restructuring, including getting a new managing director, Ayo Sotirin, to lead this transformed financing arm.
Minister Kyari also revealed plans to deepen regional cooperation, particularly with The Gambia and ECOWAS, through joint missions and Memoranda of Understanding. He emphasised the government’s focus on sustainable mechanisation, youth inclusion, and evidence-based policymaking.
The Gambia’s Minister of Agriculture, Dr. Demba Sabally, praised Nigeria’s agricultural strides, particularly in rice production. He called for Nigeria’s technical support, requesting a ‘Rice Ambassador’ to help implement Gambia’s rice self-sufficiency plan.
Senator Aliyu Sabi Abdullahi, Nigeria’s Minister of State for Agriculture, echoed this sentiment, saying Nigeria’s success in rice farming could serve as a model for other African nations.
Nigeria’s national farmer registry, developed in partnership with NIMC, targets over 42 million farming households, underscoring the country’s push for inclusive and data-driven agricultural growth.
The event reaffirmed Nigeria’s leadership role in reshaping regional food systems through innovation, collaboration, and investment.
