FG Secured Over $600m Foreign Agriculture Loans In 2024-Reports

The Nigerian government in 2024 secured over $600m in foreign loans to boost food security and rural development.

This is according to information from the ministry’s website which noted that the government obtained a $134m loan facility from the African Development Bank to enhance seed and grain production nationwide.

“The Federal Government has secured a loan facility of $134m from the African Development Bank to help farmers boost seeds and grain production in the country,” the statement read.

In addition, the Federal Government, through the Rural Access and Agricultural Marketing Project (RAAMP), secured a $500m loan from the World Bank bringing the fund to $634m.

The initiative, aimed at bridging the gap between rural communities and larger markets, will improve access to agricultural hubs, schools, and hospitals while fostering social and economic development in rural areas.

The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, outlined the conditions states must meet to access RAAMP funds, including establishing functional Roads Funds and Roads Agencies.

RAAMP National Coordinator, Aminu Mohammed, highlighted the project’s focus on rural infrastructure:

“The primary objective of RAAMP is to improve rural roads and trading infrastructure to boost food production,” Mohammed said.

The project, currently active in 19 states, will allocate funds competitively based on socioeconomic indicators, readiness for implementation, and co-financing commitments by states.

The initiative also seeks to improve women’s representation in the transport sector through the establishment of Rural Access Road Authorities.

The next phase of RAAMP will involve a $500m investment from the World Bank, supported by $100m in counterpart funding from federal and state governments.