Federal Government targets 25 million tonnes of grain to combat food inflation
via Punch Nigeria10 min read
The Federal Government announced plans to increase Nigeria's annual grain output from 11 million tonnes to 25 million tonnes through the Renewed Hope Smallholder Agricultural Financing Programme. This initiative, launched in Zaria, Kaduna State, aims to boost local food production and reduce food inflation by improving access to quality farm inputs, increasing crop yields, and strengthening national food security. The Minister of Agriculture and Food Security, Abubakar Kyari, stated that the government is committed to reducing food inflation by increasing production rather than relying on imports. The program will distribute about two million bags of agricultural inputs through registered farm aggregators, who will also provide extension services and implement a Guaranteed Minimum Price mechanism. The Managing Director of the Bank of Agriculture, Ayodeji Sotinrin, explained that the intervention would provide farmers with subsidized fertilizers, certified hybrid seeds, and other essential inputs through the bank鈥檚 single-digit, nine percent interest financing facility. The pilot phase will benefit approximately 500,000 farmers, with plans to expand to two million farmers next year and eventually five million nationwide. The Group Managing Director of Arzikin Noma Africa, Adeoluwa Michael Adeshola, emphasized that sustained private sector participation and prompt loan repayment are crucial for the initiative's long-term success.
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