The Federal Government of Nigeria has secured a $134 million loan facility from the African Development Bank (AfDB) to support and enhance the nation’s agricultural sector. This financing aims to increase food production, improve food security, and empower local farmers by providing the necessary resources and infrastructure for efficient agricultural practices.
The initiative, part of Nigeria’s broader strategy to diversify the economy and reduce reliance on oil, will focus on increasing yields in key crops and livestock production, as well as investing in modern farming techniques and technology. The loan agreement underscores the AfDB’s commitment to promoting sustainable agricultural development across Africa and aligns with Nigeria’s efforts to combat food insecurity and drive economic growth.
According to officials, this funding will also aid in job creation within the agricultural sector, benefiting rural communities and contributing to overall economic stability. The government is expected to work closely with agricultural stakeholders to ensure that the funds are effectively deployed to yield maximum impact across Nigeria.
