Rome, Italy – In a landmark move, Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, held a pivotal meeting with the International Fund for Agricultural Development (IFAD) President, Alvaro Lario, during the 48th IFAD Governing Council Meeting in Rome.
This strategic engagement yielded a suite of key commitments, including:
- $32 million boost for the LIFE-ND Project in the Niger Delta
- $86.7 million allocation for the Value Chain for the North (VCN) Project (2025-2033)
- Two-year extension of the VCDP AF2 from 2024 to 2026
- $100 million investment in the Special Agro-Industrial Processing Zone (SAPZ) Program
- $3 million ASAP grant under the VCDP AF2
In a significant development, Minister Kyari announced President Bola Ahmed Tinubu’s approval to recapitalize the Bank of Agriculture (BOA), enhancing farmers’ access to finance, with a focus on women and youth. This initiative tackles the long-standing challenge of limited access to finance, hindering Nigeria’s agricultural growth.
The minister emphasized the need for IFAD to adopt flexible program designs to address Nigeria’s distinct food security challenges effectively. This call to action underscores the importance of tailored solutions to drive agricultural transformation, ensure food security, and foster economic growth in Nigeria.
The Nigeria-IFAD partnership has been instrumental in addressing the country’s agricultural challenges. Since 1985, IFAD has invested over $317 million in various projects and programs in Nigeria, benefiting more than 3.7 million households.
The recapitalization of the Bank of Agriculture and the secured commitments from IFAD are expected to further strengthen this partnership and enhance the livelihoods of Nigerian farmers, particularly women and youth.
