Pecohub The federal government said it has granted a N250 billion facility to the Bank of Agriculture (BOA) to support smallholder farmers in Nigeria by providing them with access to credit at a single-digit interest rate.
The goal according to the Minister of Agriculture and Food Security Senator Abubakar Kyari is to boost agricultural productivity, enhance food security, and empower farmers with modern equipment and inputs.
Speaking at a stakeholders engagement on Friday in Abuja he said the the facility will Specifically support food production, enhance mechanization and improve livelihoods of smallholder farmers.
Senator Kyari while highlighting some of the achievements of the current administration in the agriculture sector also disclosed that In the last two years the federal government distributed over 1.9 million bags of fertilizers to about 1 million farmers
He added that in its bit to promote sustainable soil management about 12,000 liters of organic fertilizers were provided to small holder farmers.
The Minister also disclosed that that the Nigerian government has partnered with Russia, Turkiye, Indian government , and Canada to enhance fertilizer production and technology transfer, adding that 109 fertilizer inspectors and another 329 industry stakeholders were trained on regulatory compliance.
He affirmed the federal government resolve to bridge gaps in agriculture, ensuring essential food items are steadily available, accessible, and affordable, saying their aim is to boost agricultural productivity, create livelihood opportunities, and drive wealth creation, ultimately accelerating growth in the sector.
He said “We are focusing on boosting local production and reducing our reliance on imports, with the ultimate goal of making affordable, nutritious food accessible to all Nigerians. Our efforts are starting to pay off, with a notable impact on food prices. In fact, prices of essential food commodities have dropped by 50% nationwide. ”
The Minister also disclosed that line with President Bola Ahmed Tinubu’s promise to ease economic hardship, the government was supporting smallholder farmers across the states of the federation and FCT with vital farm implements and inputs.
He stated that the stakeholders engagement is a key step towards creating a structured approach to stakeholder engagement, ensuring that government activities in the agricultural sector are transparent, well-communicated and informed by stakeholder feedback.
