HomeBusinessNigeria Secures ¥15 Billion Japanese Grant for Agriculture Boost

Nigeria Secures ¥15 Billion Japanese Grant for Agriculture Boost

Published on

The Federal Government announced on Monday that it has received a ¥15 billion grant from the Japanese International Cooperation Agency (JICA) for the development of its agricultural sector. This financial injection is designated for the country’s National Agricultural scheme project, marking a pivotal step towards bolstering Nigeria’s agricultural framework and overall economic landscape.

The announcement was made by Wale Edun, the Minister of Finance and the Coordinating Minister of the Economy, following a council meeting chaired by President Bola Tinubu in Abuja. Edun outlined the grant’s terms, noting it includes a three-month support window, a 30-year moratorium, and a 10% interest rate, emphasizing the bilateral support’s minimal financial strain on Nigeria.

This funding is part of a broader strategy to rejuvenate Nigeria’s agricultural sector, with the government also initiating an economic management task force. President Tinubu has approved this task force to implement significant measures for economic growth, increased production, job creation, and poverty reduction over the next six months. The task force comprises members of the economic management team, the private sector, and representatives from the Nigerian Governors Forum, aiming to tackle key monetary and fiscal policy issues while ensuring real sector growth.

Additionally, Edun revealed Nigeria’s official ratification of its membership in the European Bank for Reconstruction and Development (EBRD), following preliminary approval. This strategic move is expected to leverage infrastructure development as a catalyst for economic expansion, reducing logistics costs and maximizing investment.

In tandem with these economic advancements, Dave Umahi, the Works Minister, announced the Federal Executive Council’s approval of a N1.267 trillion contract encompassing 28 roads and bridges across the country. This infrastructure project further underscores the government’s commitment to enhancing Nigeria’s economic and developmental trajectory.

Through these multifaceted initiatives, Nigeria aims to fortify its agricultural sector, stimulate economic growth, and pave the way for sustainable development, backed by international cooperation and strategic domestic policies.

Latest articles

The Shocking Cost of Being a Socialite in Nigeria

The Nigerian socialite lifestyle is glamorous but financially demanding, with hidden costs beyond just attending events and parties.

7 Nigerian Political Scandals That Shook the Nation’s Foundation

Nigeria’s political history is filled with scandals—from corruption to electoral fraud. Explore seven major controversies that shaped the nation’s governance

Ribadu,Condemn Canada’s Visa Denial to Military Officials

Through their statement Ribadu and Musa argue that Nigeria must strengthen its international position after Canada denied military officers entry.

Shettima Reaffirms Tinubu’s Commitment to Workers’ Welfare

Nigerian workers receive renewed assurance of support from Shettima who emphasizes wage reforms in addition to economic policies throughout his commitment to Tinubu’s administration.

More like this

The Shocking Cost of Being a Socialite in Nigeria

The Nigerian socialite lifestyle is glamorous but financially demanding, with hidden costs beyond just attending events and parties.

7 Nigerian Political Scandals That Shook the Nation’s Foundation

Nigeria’s political history is filled with scandals—from corruption to electoral fraud. Explore seven major controversies that shaped the nation’s governance

Ribadu,Condemn Canada’s Visa Denial to Military Officials

Through their statement Ribadu and Musa argue that Nigeria must strengthen its international position after Canada denied military officers entry.