Market
By Tosin Ogunrinde
The Federal Government of Nigeria has unveiled new agricultural reforms aimed at ending hunger, boosting food production, and reducing post-harvest losses estimated at over $10 billion annually. This initiative is part of President Bola Tinubu’s Renewed Hope Agenda for food security and national prosperity.
The government plans to achieve this through several strategies, including introducing wet season wheat cultivation, tackling post-harvest loss by providing more storage facilities, and mechanizing farming to increase productivity. The Minister of Agriculture and Food Security, Abubakar Kyari, emphasized that reliance on government budgets alone is insufficient to support agriculture, highlighting the need for private sector involvement.
The government has also shipped in 2,000 tractors from Belarus to support farmers and is working to improve rural infrastructure, such as feeder roads, mini-dams, and market access facilities. Additionally, the National Strategic Grain Reserve Silos in various states are being enhanced to support emergency interventions and price stabilization.
The government has approved the recapitalization of the Bank of Agriculture with N1.5 trillion and a N250 billion financing window for smallholder farmers. The focus is on climate-smart and inclusive agricultural reforms, including developing new climate-resilient crops and promoting integrated soil-crop system management.
These reforms aim to reduce import dependence, strengthen market confidence, and revive agribusiness, positioning Nigeria as a leading food supplier in West Africa. The government is committed to modernizing agriculture, with President Tinubu emphasizing that “food sufficiency is the first currency of national stability.
