The Federal Government of Nigeria, through the Ministry of Agriculture and Food Security, has successfully secured more than $600 million in foreign agricultural loans in 2024. This funding will help solve problems like critical food security challenges and foster rural development across the country.
The Ministry said they got $134 million from the African Development Bank to help grow more seeds and grains. The main plan is to help farmers produce more crops, which will help the country have enough food for everyone.
In addition to this, the government has secured another significant loan of $500 million from the World Bank. This is part of a project called the Rural Access and Agricultural Marketing Project (RAAMP), This brings the total loan amount to $634 million.
The World Bank’s loan is very important for improving rural areas’ infrastructure. The RAAMP project aims to connect rural areas with larger agricultural markets, make it easier for people to reach schools, hospitals, and other important services, and help develop social and economic growth in areas that need more support.
Aliyu Abdullahi, the Minister of State for Agriculture and Food Security, said that states need to meet certain requirements to access these funds. One of these requirements is setting up working Roads Funds and Roads Agencies. These are needed to make sure the infrastructure part of the RAAMP project is done properly.
The next part of the RAAMP project will need an extra $500 million from the World Bank, along with $100 million from the federal and state governments. This phase will also emphasize gender inclusivity, particularly improving women’s representation in the transport sector, by establishing Rural Access Road Authorities.
