FG secures $600m foreign agriculture loans

The Federal Government, through the Ministry of Agriculture and Food Security, has secured over $600m in foreign agricultural loans in 2024 to boost food security and rural development.

According to information from the ministry’s website, the government obtained a $134m loan facility from the African Development Bank to enhance seed and grain production nationwide.

“The Federal Government has secured a loan facility of $134m from the African Development Bank to help farmers boost seeds and grain production in the country,” the statement read.

In addition, the Federal Government, through the Rural Access and Agricultural Marketing Project, secured a $500m loan from the World Bank bringing the fund to $634m.