Japanese International Cooperation Agency Commits ¥15 Billion to Boost Nigeria’s Agricultural Sector

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria will receive ¥15 billion (approximately N138.17 Billion) from the Japanese International Cooperation Agency to enhance food security through agricultural sector support.

In a statement issued after the fourth FEC meeting, Edun described the investment as “free money” due to its ten-year moratorium and low 1% interest rate, which he believes will not strain the nation’s financial resources.

“Agricultural investment is critical to President Tinubu’s agenda and will result in higher sector productivity,” Edun stated. He emphasized the importance of agriculture in growing Nigeria’s economy and highlighted the significance of the Japanese funding in supporting the agricultural sector without imposing financial burdens.

Edun also announced plans by the federal government to establish an economic task force, which has been approved by the president. The task force will operate for six months to implement key economic measures aimed at boosting productivity and promoting inclusive and sustained economic growth.

Food insecurity has become a major concern in Nigeria, exacerbated by inflation that has driven food prices up. As of February 2024, Nigeria’s inflation rate stands at 31.7%, with food inflation at 37%. In response, the federal government declared a state of emergency on food security and ordered the opening of the national grain reserve for distribution across the country.

The Japanese International Cooperation Agency’s funding and the establishment of an economic task force are part of the government’s efforts to address food insecurity and stimulate economic growth in Nigeria.

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