Federal Government to Fund ₦2 Billion Agricultural Initiative

The Federal Government has launched the Renewed Hope Tertiary Agricultural and Entrepreneurship Programme, aiming to support 40 tertiary institutions with financing of up to ₦2 billion each. This initiative, announced by Minister of Education Dr Tunji Alausa, seeks to enhance commercial farming, agricultural mechanisation, food security, and youth employment.

The programme intends to transform over 500,000 hectares of underutilised land into productive agricultural hubs. Each participating institution is expected to provide around 1,000 hectares of land, with smaller institutions qualifying based on viable proposals.

The Bank of Agriculture will finance agricultural production, providing between ₦1 billion and ₦2 billion. The Federal Ministry of Education has allocated ₦20 billion in its capital budget for this initiative.

Participating institutions will also gain access to tractors and various agricultural inputs. The government aims to establish market arrangements for harvested produce and create employment opportunities for students and community members, focusing on a sustainable agricultural value chain.