FG Secures $134 Million AfDB Loan to Boost Agricultural Productivity

The Federal Government of Nigeria has secured a $134 million loan from the African Development Bank (AfDB) to enhance seeds and grain production across the nation. The initiative is part of efforts to drive agricultural growth, ensure food security, and support the livelihoods of Nigerian farmers.

The loan facility, announced on Wednesday, will be directed toward critical areas such as improving seed production, boosting grain yields, and supporting farmers with essential resources and infrastructure. The initiative aligns with the government’s broader strategy to revitalize the agricultural sector and reduce dependency on food imports.

According to government officials, the funds will focus on facilitating access to high-quality seeds, training for farmers, and adopting modern agricultural practices. The program will also address post-harvest losses through the establishment of storage and processing facilities, ensuring that farmers maximize their output.

Agriculture Minister, Dr. Mohammed Abubakar, emphasized the significance of the loan in achieving Nigeria’s food security goals. He stated, “This facility will enhance our farmers’ productivity, improve their incomes, and contribute significantly to our journey toward self-sufficiency in food production.”

The loan is expected to benefit farmers nationwide, particularly small-scale producers who play a pivotal role in Nigeria’s food supply chain. It will also focus on increasing the production of staple grains such as maize, rice, and wheat, which are critical to the nation’s dietary needs.

Dr. Akinwumi Adesina, President of the AfDB, reiterated the bank’s commitment to supporting African nations in achieving sustainable development through agricultural transformation. “Nigeria’s agricultural potential is enormous, and this facility will unlock growth opportunities for millions of farmers,” he said.

Stakeholders in the agricultural sector have applauded the government’s move, describing it as a step in the right direction for achieving sustainable food production. However, they have also urged transparency and efficient implementation of the project to ensure that the funds reach the intended beneficiaries and achieve the desired outcomes.

The $134 million loan aligns with the government’s ongoing efforts to tackle challenges in the agricultural sector, including low productivity, inadequate infrastructure, and limited access to financing for farmers. By focusing on innovation and farmer empowerment, the initiative aims to position Nigeria as a major player in agricultural production within the region.