FG, BOA Unveil Financing Scheme to Raise Grain Output to 25m Tonnes
John Shiklam in Kaduna
The Bank of Agriculture (BOA), in partnership with the federal government, has launched the Renewed Hope Smallholder Agricultural Financing Programme aimed at more than doubling Nigeria’s annual grain production from about 11 million tonnes to 25 million tonnes, as part of efforts to strengthen food security, tame rising food prices and boost rural incomes.
The initiative, unveiled on Friday in Zaria, Kaduna State, according to Nairametrics, is expected to provide affordable financing, improved farm inputs and extension support to millions of smallholder farmers, while promoting sustainable agricultural production through a revolving credit model.
Speaking at the launch of the Renewed Hope Smallholder Support and Value Chain Fund, the Managing Director of BOA, Mr. Ayodeji Oludare-Sotinrin, said the programme would provide subsidised fertilisers, certified hybrid seeds and other critical agricultural inputs through a single-digit-interest financing facility.
