FG Secures $600m Foreign Loans to Boost Agriculture

US has accused China of influencing Nigeria with loans. As of March 2023, Nigeria owe the EXIM bank of China $4.3b | File Photo: President Bola Tinubu of Nigeria

The Federal Government has secured over $600m in foreign agricultural loans to boost food security and rural development in 2024.

According to the Ministry of Agriculture and Food Security, the government obtained a $134m loan facility from the African Development Bank to enhance seed and grain production nationwide.

“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,” a statement from the ministry read.

Also, the Federal Government secured a $500m loan from the World Bank through the Rural Access and Agricultural Marketing Project, bringing the total fund to $634m.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

RAAMP National Coordinator, Aminu Mohammed, emphasized the project’s focus on rural infrastructure: “The primary objective of RAAMP is to improve rural roads and trading infrastructure to boost food production.”

READ ALSO: ASUU Rejects FG’s Student Loan Program

The project is currently active in 19 states and will allocate funds competitively based on socioeconomic indicators, readiness for implementation, and co-financing commitments by states.

Kaduna-based farmer La’ah Dauda described the interventions as “highly selective,” adding, “Even the information is limited. They create awareness only in areas they favour. How favour you attract new farmers if others are excluded?”