Latest news with #AbubakarKyari
Zawya
8 hours ago
- Business
- Zawya
Nigeria, Japan strengthen food security ties with $110mln JICA facility
In a bid to bolster Nigeria's food security, the Federal Government has strengthened its collaborative initiative with the Japan International Cooperation Agency (JICA). This partnership is aimed at supporting the country's food production systems and enhancing resilience amid global supply challenges. The initiative took a significant step forward as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, met with senior representatives of JICA to advance the implementation of the Food Security Emergency Loan Support Programme. The JPY 15 billion facility (approximately $110 million) aims to support Nigeria's food production systems and enhance resilience amid ongoing global supply challenges. With the rainy season now underway, both Ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities. JICA welcomed the government's commitment to delivery and requested formal clarification on proposed implementation adjustments. It was jointly agreed that core production activities would proceed immediately under the existing framework, while additional components, such as aggregation and financing, would be reviewed in line with the original loan agreement. This partnership underscores the commitment of both governments to addressing food security challenges and improving the livelihoods of millions of Nigerians, while also driving economic growth and development in the country. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
29-05-2025
- Business
- Zawya
Nigeria's Food Security: FG secures $134mlm loan facility from AfDB — Minister
The Federal Government said it has secured a loan facility of 134 million dollars from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country, News Agency of Nigeria (NAN) reported. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, made this known at the unveiling of the 2024/2025 National Dry Season Farming in Calabar. Kyari explained that with the reintroduction of the national dry season farming to boost year-round agricultural production, the loan would be handy as well as guarantee national food security in the country. He said that the initiative was under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project. He noted that the federal government had declared an emergency on food production to enable all Nigerians get easy access to quality and nutritional food at affordable rates. The minister also said that the government plans on using the agricultural sector for national economic revival through increase in the production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both the dry and wet season farming. He added that no fewer than 107,429 wheat farmers have been supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season. He explained that recently, government supported 192,095 rice, maize, sorghum/millet, and soya bean and cassava farmers under the 2024 wet season across the 37 states, including the FCT. He said that Cross River was leading 16 other states in wheat production, adding that more than 3000 wheat farmers have been listed to benefit from the support to grow the grain. Kyari said this informed why the Federal Government was partnering with the state to kick-start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming. 'In the 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs. '250,000 hectares of land will be cultivated with an expected output of about 750,000 metric tonnes of wheat, which is to be added to the food reserve to reduce dependence on the importation of the product, and also increase domestic consumption. 'The programme will also provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including the FCT, with an expected output of about 450,000 metric tonnes,' he said. On the agriculture mechanisation programme, the minister disclosed that the Economic Council received a briefing and approved the Greener Hope Agric mechanisation consortium, which is a ten-year programme totalling 1 billion dollars in investments. He said that the consortium was expected to set up 1000 agro centres with service providers across the country. He also said that the centres were also expected to engage about 600,000 youths, providing 2000 tractors yearly for the next five years. The minister further said that the government had commenced the sale of 30,000 metric tonnes of milled rice to Nigerians at subsidised rates of N40,000 per 50-kilogramme bag, adding that the exercise would be carried out across the country. 'It is expected that with the injection of 30,000 metric tonnes (1000 trucks of 30MT each of this important staple food into Nigeria's food balance sheet, it will not only crash the price of rice but also other close food substitutes and alternatives,' he said. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
06-05-2025
- Business
- Zawya
FEC approves Nigeria's membership of Asian Infrastructure Bank
The Federal Executive Council (FEC) on Monday approved Nigeria's full membership of the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, a move aimed at bolstering infrastructure investment and accelerating economic growth. The Council also endorsed a bill to establish the National Cocoa Management Board, signalling a renewed commitment to reviving Nigeria's cocoa industry. Briefing journalists after the meeting, which was presided over by President Bola Tinubu at the Presidential Villa in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the AIIB decision as a strategic step in Nigeria's international economic engagement. 'Council approved Nigeria's membership of the Asian Infrastructure Investment Bank as a non-regional member. Though headquartered in Asia and largely made up of Asian countries, the AIIB also welcomes non-regional members like Nigeria,' Edun said. He explained that Nigeria had received an invitation to join the multilateral development bank in 2021 and had now completed all legal, administrative, and financial requirements. Nigeria's subscription includes 50 shares valued at $100,000 each, amounting to a total commitment of $5 million. 'This bank supports infrastructure and economic development projects. Our membership gives us access to financing and partnership opportunities that align with our Renewed Hope Agenda,' Edun added. The Finance Minister also shared updates from the recent IMF/World Bank Spring Meetings in Washington D.C., noting that international partners had commended Nigeria's ongoing economic reforms. He pointed to the IMF's Article IV Consultation report and Fitch's recent upgrade of Nigeria's credit outlook from 'B-' to 'B with a positive outlook' as indicators of international confidence. According to him, President Tinubu reaffirmed the government's resolve to shift from economic stabilisation to rapid and inclusive growth capable of lifting millions out of poverty. In a related development, the Minister of Agriculture and Food Security, Abubakar Kyari, announced that the FEC had approved the transmission of a draft bill to the National Assembly to establish the National Cocoa Management Board. Kyari noted that cocoa remains Nigeria's most valuable non-oil foreign exchange earner, but stated that the country continues to lag behind top producers such as Ghana and Côte d'Ivoire, both of which have national boards overseeing their cocoa industries. 'We are following the model of Ghana and Côte d'Ivoire. These countries have robust regulatory structures for their cocoa sectors. Through our engagement with them, we realised the importance of having a national board in place to coordinate production, processing, and marketing,' Kyari said. Ahead of the decision, the Ministry had constituted a Cocoa Management Committee to explore the feasibility of establishing a board. Its findings informed the draft bill now approved by the Council for legislative consideration. Kyari stated that the proposed board would include representatives from federal and state governments, the private sector, and research institutions, including deputy governors from cocoa-producing states and the Cocoa Research Institute of Nigeria. 'The goal is to strengthen the entire cocoa value chain and restore Nigeria's global standing as a major cocoa producer,' he added.
