Nigeria Obtains 600 Million Foreign Agricultural Loans
Over 600 million in foreign agricultural loans have been obtained by the Nigerian government through the Ministry of Agriculture and Food Security in 2024 to promote rural development and food security.
The ministrys website states that the government secured a 134 million financing facility from the African Development Bank to increase the countrys output of grain and seeds.
To help farmers increase seed and grain production in the country, the Nigerian government has obtained a loan facility of 134 million from the African Development Bank, the statement said.
Through the Rural Access and Agricultural Marketing Project RAAMP, the Nigerian government also obtained a 500 million loan from the World Bank, increasing the total amount to 634 million.
The project will encourage social and economic growth in rural areas while enhancing access to hospitals, schools, and agricultural hubs. Its goal is to close the gap between rural communities and larger markets.