How Nigeria Secured $55 Million Support For Agriculture Business

By Tolulope Oke

The Federal Government of Nigeria has secured a sum of $55 million dollars from the United States Agency for International Development for the growth of agriculture business in the country.

This was revealed at the release of a new National Agricultural Technology and Innovation Policy held in Abuja on Friday.

According to the Federal government, the policy will be slated for the years 2022–2027 to direct and improve agribusiness activities nationwide.

Mahmood Abubakar, the minister of agriculture and rural development, spoke at the occasion and said that the project would encourage small-scale farmers to adopt modern technologies, hence increasing food production for both domestic and international markets.

He said, “The focus of the new NATIP 2022-2027 is premised on the 10 thematic areas of stakeholders synergy and alignment, knowledge creation and transfer, rapid mechanisation, agricultural development fund establishment, extension service delivery revitalisation and livestock development.

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“Others are priority crop value chain strengthening, fisheries and aquaculture, marine and inland fisheries development, market development, and agricultural lands and investments partnership.”

Speaking about the US government’s support, Sarah Werth, Deputy Mission Director at USAID, noted that the NATIP came at a crucial time as Nigeria and the rest of the world were dealing with the worst food security crisis in years. She also emphasized that prices for food, fuel, and fertilizer had increased significantly over the previous years.

She said, “The Russian invasion of Ukraine has exacerbated the issue and we are now seeing indications of a global food crisis. To that end, President Joe Biden has committed $2.76bn in US Government funding to address the global food crisis.”