FG seeks Japanese loan to boost food security

The Federal Government of Nigerian has requested an emergency loan of ¥15bn from the Japan International cooperation Agency.

The loan is set to boost food security in the country.

In a statement released on Wednesday, Wale Edun, the minister of finance, and Senator Abubakar Kyari, the Minister of Agriculture and Food Security disclosed the details of the meeting.

“The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, today met with senior representatives of the Japan International Cooperation Agency to advance the implementation of the Food Security Emergency Loan Support Program,” the statement reads.

The loan of $110m when converted, is designed to support the food production systems in Nigeria.

“The JPY 15bn facility (approximately $110m) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges. Both ministers emphasized the importance of swift, coordinated action to maximize impact for farmers and rural communities,” the statement reads.

Punch reports that President Bola Ahmed Tinubu explained that the facility will create employment, help with skill acquisition and encourage the spirit of entrepreneurship, thereby reducing poverty.