The National Agricultural Commodities Projects (NACP) and the Strategic Alliance of Presidents of Agricultural Commodity Associations of Nigeria (SAPACAN) have jointly advocated for the prudent distribution of the N100 billion agricultural fund recently approved by President Bola Tinubu. The associations are urging for the disbursement to be facilitated through the Central Bank of Nigeria (CBN) to ensure swift and hassle-free access to the funds, with a view to bolstering the nation’s agricultural sector.
In a collective statement conveyed by Dr. Bello Abubakar Annur, the President of Maize Farmers Association of Nigeria, the associations emphasized the importance of a transparent and effective approach in utilizing the funds to support Nigeria’s agricultural growth. They suggested that 70% of the fund should be allocated as grants, while the remaining 30% should be disbursed as loans. This allocation, they believe, would promote inclusivity and encourage the active participation of various stakeholders.
The call comes after President Tinubu’s recent announcement of allocating N50 billion each for the cultivation of rice and maize on 150,000 hectares of land, and wheat and cassava on 100,000 hectares of land respectively. Dr. Annur stressed the necessity for an implementation committee, comprising National Presidents of the four priority commodities, to strategize the conversion of surplus produce from rural areas into valuable local food products.
“The proposed fund distribution should prioritize a 70% grant and 30% loan structure, managed through the CBN and other Participating Financial Institutions (PFIs), eliminating previous bottlenecks that hindered fund access,” remarked Dr. Annur. He also emphasized the significance of stringent monitoring and evaluation procedures to ensure accountability and successful execution of the outlined measures.
In addition, the associations advised the government to initiate immediate actions in securing and channeling Cassava, Rice, Maize, and Wheat for both human consumption and animal feed. Furthermore, they recommended the enhancement of grazing reserves, the promotion of specialized pastures and feeds for livestock, and widespread mechanization and extension of worker training to enhance food production.
Addressing the N500 billion approved by the National Assembly, the associations urged vigilant oversight of the banking sector to prevent the cost of funds from surpassing 9% due to extraneous fees. They called for a coordinated approach, involving multiple stakeholders across the agricultural value chain, to manage N200 billion of the approved fund to prevent a repetition of the previous administration’s mistakes.
Dr. Annur also urged the seamless integration of the associations in the distribution of 200,000 Metric Tonnes of grains from strategic reserves and 225,000 metric tonnes of fertilizer, seedlings, and other inputs. He stressed that such involvement would ensure equitable distribution and maximize the benefits for their members, who constitute a substantial portion of the intended beneficiaries.
In conclusion, Dr. Annur urged the government to prioritize security, as he believes it is a critical foundation for any prosperous agricultural endeavor. He emphasized that addressing security challenges is pivotal to the successful implementation of the outlined strategies, ensuring that Nigeria’s agricultural sector can thrive and contribute to the nation’s overall growth.
