Nigeria plans to more than double grain production
Nigeria’s Bank of Agriculture and the federal government launched a financing programme to raise annual grain production from 11 million to 25 million tonnes. The initiative will support 500,000 farmers this season with concessional loans, inputs, irrigation, advisory services and guaranteed minimum prices.
Nigeria’s Bank of Agriculture, in partnership with the federal government, has launched a major financing program for smallholder farmers aimed at increasing the country’s annual grain production from 11 mln tons to 25 mln tons. The initiative is designed to strengthen food security, curb food price inflation, and raise incomes in rural communities.
The program will provide affordable financing, advisory services, subsidized fertilizers, certified hybrid seeds, and other essential farm inputs. Unlike previous support schemes that relied largely on grants, the new initiative is based on concessional lending, making it more financially sustainable in the long term.
According to the Bank of Agriculture, the program is expected to reach around 500 thsd farmers during the current growing season. The number of beneficiaries is planned to increase to 2 mln farmers next year, with support delivered through selected farm aggregators.
The government expects the initiative to reduce the country’s dependence on food imports, stabilize domestic food prices, create jobs in rural areas, and support economic growth. Farmers will also benefit from a guaranteed minimum price mechanism designed to protect them from post-harvest price declines.
Another key component of the program is financing irrigation projects to enable year-round farming, improve productivity, and reduce agriculture’s dependence on rainfall. Nigerian authorities say expanding domestic grain production is a central part of the country’s strategy to combat food inflation and strengthen long-term food security.
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Source : Ukr Agro Consult
