The Federal Government has approved a N250 billion facility for the Bank of Agriculture (BOA) to support smallholder farmers across Nigeria, offering them access to credit at a single-digit interest rate.
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, disclosed this during the Quarterly Citizens and Stakeholders Engagement Session in Abuja on Friday.
Kyari emphasized that the initiative was part of the government’s broader efforts to strengthen agricultural insurance, finance facilities, and leverage key institutions like the Nigerian Agricultural Insurance Corporation (NAIC), the National Agricultural Quarantine Service (NAQS), and the Bank of Agriculture (BOA).
Kyari explained that the Nigerian Agricultural Insurance Corporation (NAIC) has supported over 199,000 farmers in the past two years, with a total risk cover of N700 billion.
He added that the goal of the N250 billion facility is to boost agricultural productivity, enhance food security, and empower farmers with modern equipment and inputs.
“This grant aims to support food production, enhance mechanization, and improve the livelihoods of farmers,” Kyari said.
He further highlighted that these efforts align with the Ministry’s mission to create livelihood opportunities, drive wealth creation, and accelerate growth in Nigeria’s agricultural sector.
Kyari also reflected on the Federal Government’s achievements in boosting agricultural productivity, including the distribution of over 1.9 million bags of fertilizer to nearly 1 million farmers and strengthening regulatory frameworks to promote transparency in the fertilizer supply chain.
