FG and BOA Launch Scheme to Boost Grain Production

On Friday, the Federal Government, in collaboration with the Bank of Agriculture (BOA), launched the "Renew Hope Smallholder Agricultural Financing Programme" in Zaria, Kaduna State. This initiative aims to double Nigeria's annual grain production from 11 million tonnes to 25 million tonnes, addressing food security and rising food prices while boosting rural incomes.

The programme is expected to provide affordable financing, improve farm inputs, and extend support to one million smallholder farmers through a revolving credit model. Mr. Ayodeji Oludar Sotinrin, Managing Director of BOA, stated that the programme will offer subsidized fertilizers and certified hybrid seeds at single-digit interest rates.

The first phase will reach 500,000 farmers, with plans to expand coverage to two million farmers next year and five million nationwide. The initiative is designed to stabilize domestic food prices, create job opportunities in rural communities, and support broader economic growth.

Senator Abubakar Kyari reaffirmed the government's commitment to addressing food inflation and increasing domestic agricultural production.