- FG targets 25 million tonnes of grain production
- The programme aims to reduce food inflation
- About 500,000 farmers will benefit initially
The Federal Government has unveiled plans to increase Nigeria’s annual grain production from 11 million tonnes to 25 million tonnes under the Renewed Hope Smallholder Agricultural Financing Programme, as part of efforts to curb food inflation and strengthen food security.
Eko Hot Blog gathered that the initiative was officially launched on Friday in Zaria, Kaduna State, where the Minister of Agriculture and Food Security, Abubakar Kyari, said the programme would improve farmers’ access to quality agricultural inputs, raise productivity and expand local food production.
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Kyari explained that the government’s strategy for reducing food inflation is centred on increasing domestic food supply rather than relying on imports.
“Our focus is to lower food inflation by producing more food locally. To achieve this, farmers must have timely access to quality inputs that will enable them to increase their yields,” he said.
The minister announced that about two million bags of agricultural inputs would be distributed through registered farm aggregators. These aggregators will also provide extension services and implement a Guaranteed Minimum Price system to shield farmers from post-harvest losses and unfair pricing.
He noted that although most Nigerian farmers cultivate less than one hectare of land, they contribute roughly 85 per cent of the nation’s food production, making support for smallholder farmers essential to achieving food security.
Kyari expressed confidence that improved seed varieties, weather advisory services, prompt input distribution and guaranteed pricing would significantly boost agricultural output and help reduce the cost of food nationwide.
Also speaking at the event, the Managing Director of the Bank of Agriculture, Ayodeji Sotinrin, said the programme aims to more than double the country’s grain production to 25 million tonnes annually.
He disclosed that participating farmers would receive subsidised fertilisers, certified hybrid seeds and other farming inputs through the bank’s single-digit loan facility with a nine per cent interest rate.
Sotinrin clarified that the support package is a loan programme rather than a grant, adding that the financing model was designed to keep the initiative sustainable while making credit affordable for farmers.
According to him, 20 farm aggregators were selected from more than 1,240 applicants for the pilot phase after meeting the required technical and operational standards.
The first phase of the programme is expected to benefit about 500,000 farmers during the current farming season, with plans to expand coverage to two million farmers next year and eventually reach five million farmers nationwide.
He explained that if five million farmers each cultivate one hectare and harvest at least five tonnes per hectare, Nigeria could produce about 25 million tonnes of grain annually, enough to satisfy local demand, reduce imports and create export opportunities.
Sotinrin also revealed that the Bank of Agriculture intends to invest in irrigation projects to encourage year-round farming and improve farmers’ earnings.
The Group Managing Director of Arzikin Noma Africa, Adeoluwa Michael Adeshola, emphasised the importance of private sector participation and prompt loan repayment for the long-term success of the initiative.
He said beneficiaries would repay the financing after harvest, allowing the revolving fund to support more farmers in future planting seasons.
Adeshola added that traditional rulers, community leaders and security agencies had pledged to support the programme by encouraging beneficiaries to honour their repayment obligations, thereby ensuring the sustainability of the intervention.
The Renewed Hope Smallholder Agricultural Financing Programme is one of the Federal Government’s key agricultural initiatives aimed at increasing productivity, improving farmers’ access to finance and advancing Nigeria’s food security objectives.
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