FEC approves $900m for Agriculture Financing

 

The Federal Executive Council (FEC) has approved $900 million for Agricultural financing along the value chains of food productivity and agro-processing. 

The approval was announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, after the FEC meeting presided over by President Bola Ahmed Tinubu. The approved amount would be exchanged at the prevailing rate.

The $900 million agriculture facility is targeted at transforming Nigeria's agricultural value chains through investments in food production, rural infrastructure, agro-processing, and agricultural industrialization.

A significant portion of the financing will support the development of Special Agro-Industrial Processing Zones (SAPZs), designed to establish integrated agro-industrial hubs equipped with roads, electricity, water supply, storage facilities, logistics infrastructure, and processing centres located close to farming communities.

The initiative, according to the Minister, is expected to reduce post-harvest losses, encourage value addition, improve farmers' incomes, expand agricultural exports, attract private investment, and generate employment, particularly for youths and women.