The Federal Government has directed the Presidential Food Systems Coordinating Unit (PFSCU) to fast-track the release of a N250 billion credit facility for smallholder farmers at a single-digit interest rate. The directive was issued by Vice President Kashim Shettima during the 6th meeting of the PFSCU Steering Committee at the Presidential Villa, Abuja.
The facility, provided through the Bank of Agriculture, is intended to support farmers nationwide and improve agricultural productivity. The government emphasized the need for a robust roadmap to ensure that funds reach beneficiaries efficiently and translate into measurable outcomes.
Since its last meeting in April, the PFSCU has reported progress, including the insurance of 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM), the launch of the first phase of the Harvesting Hope Caravan across eight states, the approval of a N50 billion Seed Fund, and advancement of the World Bank supported $500 million AGROW programme.
State leaders present at the meeting, including the governors of Ekiti, Jigawa, and Cross River, called for transparent mechanisms to guarantee farmers’ access to the loan. They also encouraged additional incentives, such as subsidies, to enhance agricultural productivity.
PFSCU Coordinator Marion Moon highlighted that approximately 30.8 million Nigerians remain food insecure and stressed the importance of collaboration across federal, state, and local levels to consolidate the nation’s food security gains.
The meeting brought together deputy governors, federal ministers of finance and agriculture, ministers of state, the President of the Association of Local Governments of Nigeria (ALGON), and representatives from the private sector and development partners.
