The Federal Government of Nigeria has secured a $134 million loan from the African Development Bank (AfDB) aimed at supporting farmers and boosting food production in the country. The loan is expected to improve agricultural productivity, enhance food security, and increase income for farmers by providing access to modern farming technologies, better infrastructure, and financing.
This funding will likely be channeled into various initiatives, including irrigation systems, agricultural training programs, and support for smallholder farmers to help them adopt more efficient and sustainable farming practices. It is part of Nigeria’s broader efforts to tackle challenges like food insecurity, inflation, and rural poverty, while promoting economic growth through the agriculture sector.
The loan underscores the AfDB’s commitment to fostering agricultural development in Africa, particularly in countries like Nigeria that face both demographic pressures and the need for increased food self-sufficiency.
