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FG recapitalises BoA with N1.5trn, commits N200bn to agriculture - Businessday NG

Published 3 weeks ago3 minute read

The Nigerian government has pledged N200 billion for agricultural programmes and recapitalised the Bank of Agriculture with N1.5 trillion to support farmers nationwide, representing one of the largest investments in the country’s agricultural sector.

Abubakar Kyari, Nigeria’s Minister of Agriculture and Food Security, announced these commitments during a visit by Gambian officials to the ministry’s headquarters in Abuja on Friday.

The N1.5 trillion recapitalisation of the Bank of Agriculture would provide farmers with better access to credit and financial services, whilst the N200 billion in direct agricultural interventions will fund various support programmes across the country.

Kyari revealed that the government has already distributed 2.15 million bags of fertiliser to farmers as part of its support efforts. These investments represent a transformational approach to Nigeria’s agricultural development and food security goals.

The announcement came during high-level talks between Nigerian and Gambian agricultural officials. The visit included bilateral discussions, technical briefings, and a tour of Nigeria’s national mechanisation equipment at the National Agricultural Seed Council in Sheda, Abuja.

Demba Sabally, Gambia’s Minister of Agriculture, praised Nigeria’s agricultural development and called for stronger cooperation between the two countries, particularly in rice production and farm mechanisation.

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“We have seen the Nigerian model in action — from the outgrower schemes to post-harvest management,” the Gambian minister said. “Our goal of achieving rice self-sufficiency by 2030 is now more realistic than ever. We request a Rice Ambassador from Nigeria to support our implementation.”

The Gambian delegation was impressed by Nigeria’s agricultural systems. Nyangado Alhagie, The Gambia’s Permanent Secretary of Agriculture, described the visit as “transformational,” saying Nigeria’s support could help The Gambia adopt similar farming methods.

In response, Kyari reaffirmed Nigeria’s commitment to helping transform food systems across West Africa. He pointed to President Bola Tinubu’s declaration of a food security emergency in July 2023 as a key moment that refocused the country’s agricultural priorities.

Kyari said Nigeria is prepared to work closely with The Gambia and other Economic Community of West African States (ECOWAS) countries through joint technical missions and formal agreements.

Nigeria’s agricultural strategy focuses on four main areas: sustainable mechanisation, involving young people in farming, achieving food sovereignty, and using research to guide policy decisions. The government is also creating a national registry that aims to reach 42 million farming households across the country.

Aliyu Abdullahi, Minister of State for Agriculture and Food Security, welcomed the Gambian visit as an example of African countries working together. He also said Nigeria’s increasing rice production could serve as a model for other nations seeking to improve their own food security.

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