FG to Disburse ₦250 Billion Bank of Agriculture Loans, Insures 250,000 Farmers to Boost Food Security
The Federal Government has announced plans to disburse ₦250 billion in loans through the Bank of Agriculture to support smallholder farmers, while also insuring 250,000 farmers across eight states. Vice President Kashim Shettima revealed the initiatives during the 152nd meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja, as part of the Tinubu administration’s efforts to strengthen food security nationwide.
Shettima highlighted additional agricultural reforms, noting that the 30 percent Value Addition Bill is advancing, and that the Green Imperative Project in collaboration with Brazil is being repositioned for financing. He also provided updates on the World Bank-backed AGROW programme, which is mapping priority value chains to enhance efficiency and productivity across the sector.
The Vice President also emphasized the government’s grassroots engagement initiatives. According to Shettima, the “Harvesting Hope Caravan” has reached over half a million citizens in eight states, fostering trust and mobilising communities around agricultural and food security efforts. These measures aim to create a sustainable ecosystem for farmers while improving national food production.
Tayo Aduloju, CEO of the Nigeria Economic Summit Group (NESG), briefed council members on global economic trends and their impact on Nigeria. He highlighted structural challenges such as energy and transport deficiencies, foreign exchange constraints, over-reliance on oil, and political risks, including frequent policy reversals and corruption, which continue to slow long-term economic reforms.
The NEC members also discussed strategies for industrialisation-led growth, emphasizing state-level competitiveness, infrastructure development, and unlocking investment opportunities. The upcoming NESG summit will focus on enhancing Nigeria’s diverse subnational markets, improving ease of doing business, and creating a unified vision to drive inclusive economic growth, aligning with President Tinubu’s Renewed Hope Agenda.
source: business day