The federal government has introduced a Large-Scale Agribusiness Financing Programme, aimed to boost food security through industrial agriculture in the country.
This was revealed in a press statement by Mohammed Manga, the Director of Information and Public Relations at the Federal Ministry of Finance. According to the statement, the initiative, unveiled in Abuja, aims to promote food sovereignty by attracting large-scale investments into industrial agriculture.
The investment fund model, designed to mobilize large-scale financing for the production and processing of key crops such as oil palm, rice, maize, cassava, sugar, and soybean, was unveiled during a high-level meeting between the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang.
Representatives from KPMG and other private sector operators detailed the fund’s structure, which aims to attract large-scale financing for the cultivation and processing of key crops, including oil palm, rice, maize, cassava, sugar, and soybean.
The proposal aligns with the administration’s goal of reducing Nigeria’s £3 billion annual food import bill by promoting mechanized farming, strengthening local refining capacity, and enhancing food security. Emphasizing private sector participation, transparency, and scalability, the initiative seeks to drive long-term agricultural sustainability.
HM Edun and Dr Takang endorsed the initiative during the meeting reaffirming the government’s commitment to strengthening private-sector involvement in agriculture. They stressed that boosting investment in industrial farming is crucial for achieving sustainable food security and reducing reliance on imports.
The launch of the fund is expected to drive the expansion of mechanized farming, boost local food production, and generate employment within the agricultural value chain. The program also aims to tackle persistent challenges in the sector, such as limited funding for large-scale farming, inadequate processing infrastructure, and post-harvest losses.
