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The Federal Government announced on Thursday, November 14, that it has secured a $134 million loan from the African Development Bank (AfDB) to strengthen Nigeria's agricultural sector, with a particular focus on bolstering food security through enhanced dry season farming.

FG secures $134m AfDB loan to boost national food security | Pulse Nigeria

Segun Adeyemi

<h2>The Federal Government announced on Thursday, November 14, that it has secured a $134 million loan from the African Development Bank (AfDB) to strengthen Nigeria's agricultural sector, with a particular focus on bolstering food security through enhanced dry season farming.</h2>

Speaking at the unveiling of the 2024/2025 National Dry Season Farming programme in Calabar, the capital of Cross River State, a chief spokesperson for the Ministry of Agriculture and Food Security, Anthonia Eremah, confirmed that the loan would aid in expanding seed and grain supplies for farmers nationwide.

According to Eremah, the initiative aims to mitigate food scarcity by supporting farmers through the re-introduced National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.

READ ALSO: <a href="https://www.pulse.ng/business/domestic/nigerias-public-debt-reaches-naira12167-trillion-in-march-dmo-reports/wfjcptz">Nigeria's public debt reaches ₦121.67 trillion in March - DMO reports</a>

The initiative, backed by the newly acquired loan, will initially support 150,000 rice farmers, covering all 37 states, including the Federal Capital Territory (FCT).

The government estimates that this effort will yield around 450,000 metric tonnes of rice in its second phase.

The Minister of Agriculture noted that this project represents a crucial step towards ensuring stable food production across the country.

READ ALSO: <a href="https://www.pulse.ng/business/domestic/nigerias-external-debt-set-to-hit-over-dollar51bn-as-fg-seeks-fresh-loans/2h5ld9h">Nigeria’s external debt profile set to hit over $51bn as FG seeks fresh loans</a>

"This programme will provide much-needed resources to farmers and, in turn, bolster Nigeria’s food production capacity, addressing the needs of communities nationwide," Eremah stated.

The government’s renewed focus on dry season farming underscores its commitment to sustainable food production and security, especially amid recent concerns over fluctuating agricultural output and food prices.

With AfDB’s financial backing, the government aims to fortify Nigeria's agricultural output, making strides toward both rural development and economic stability.

L-R: President of the African Development Bank (AfDB) Akinwumi Adesina and Nigeria's President Bola Tinubu. [X, formerly Twitter]

FG secures $134m AfDB loan to boost national food security

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