FG to Support 360,000 Farmers with Funding in Dry Season Initiative

The Federal Government is gearing up to provide funding for 360,000 farmers as part of its strategy to boost agricultural development and stabilize the economy.

During the Access Bank Customer Forum in Lagos on Thursday, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted the significance of this initiative in combating inflation and maintaining food price stability. “The plan for this dry season, after a successful one, is to assist and fund 360,000 farmers,” he stated.

Edun elaborated that the government aims to cultivate 360,000 hectares of land, targeting an agricultural output of 1.4 million metric tons by early 2024. “We are estimating 1.4 million metric tons by next January, February, when the harvest comes, and it’s a key success factor,” he explained.

The minister underscored that stabilizing food prices is essential for reducing inflation and fostering economic stability. “If the prices of food come down, then inflation comes down, and it sets you on the path of key stability,” he noted.

In a broader push to revitalize the agricultural sector, the government is collaborating with various initiatives, including the recent launch of a farmers club by Nigeria’s First Lady, Remi Tinubu. “Everybody has a role to play. Just yesterday, Remi Tinubu launched a farmers club for young farmers. We must try and boost the agricultural sector,” Edun remarked.

Regarding fiscal management, Edun indicated that government revenues have doubled but stressed the necessity for stricter fiscal oversight and increased investments in vital infrastructure. “Let me say that in terms of fiscal management history, revenues have doubled,” he said.

He emphasized the wider benefits of agricultural growth, noting its potential to generate employment, encourage exports, and enhance fiscal management through improved revenue collection. “For employment generation, encouragement for export production, and, of course, incentives and structures for stricter fiscal management,” he added.

Aliko Dangote, president of Dangote Group, also spoke on the importance of boosting local production, criticizing the influx of foreign goods. “India is great today because they almost shut down their market and produced locally,” he noted, expressing his frustration upon discovering that biscuits offered in two Nigerian locations were made in China. “I was a bit angry; all the biscuits that were given in two different locations were only made in China, which is wrong,” Dangote stated.

He called for increased support for local industries to enhance their competitiveness against foreign imports.

On Tuesday, Senator Oluremi Tinubu, the wife of the President, inaugurated the Young Farmers Club, Nigeria, in partnership with the Federal Ministry of Agriculture and Food Security.