Nigerian Government Allocates ₦2bn for Agricultural Development

The Federal Government has announced an initiative to inject up to ₦2 billion into each of 40 selected tertiary institutions in Nigeria to promote commercial agriculture. This plan aims to unlock over 500,000 hectares of underutilized land and create employment opportunities for Nigerian youths.

The initiative, part of the Renewed Hope Tertiary Agricultural and Entrepreneurship Programme, was disclosed by Minister of Education Dr Tunji Alausa during a meeting with heads of the institutions and the Bank of Agriculture. The programme seeks to address food insecurity as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Each participating institution is expected to provide around 1,000 hectares of land and will establish a limited liability company to partner with the Bank of Agriculture, which will provide financing between ₦1 billion and ₦2 billion. The support package includes access to tractors, modern seedlings, irrigation equipment, and market arrangements to minimize post-harvest losses.