In a significant boost to Nigeria’s agricultural sector, the federal government has secured ¥15 billion from the Japanese International Cooperation Agency. This funding will support the nation’s National Agricultural Scheme project, announced Finance Minister Wale Edun following the Federal Executive Council Meeting chaired by President Bola Tinubu.
Edun explained that the support, spanning three months, comes with a 30-year moratorium and a 10% interest rate for repayment. Importantly, this bilateral assistance will not strain Nigeria financially but will significantly benefit the agricultural sector.
Additionally, Edun revealed President Tinubu’s approval to establish an Economic Management Task Force to implement measures to grow the Nigerian economy, increase production, and create jobs to alleviate poverty. Over the next six months, this task force, comprising members from the economic management team, private sector, sub-nationals, and the Nigerian Governors Forum, will address monetary and fiscal policy issues while focusing on real sector growth.
Furthermore, Edun announced Nigeria’s ratification of its membership in the European Bank for Reconstruction and Development (EBRD), fulfilling a commitment made by President Tinubu earlier. This membership will enable Nigeria to leverage infrastructure as a multiplier for economic growth, reduce logistics costs, and maximize investment opportunities in transportation and infrastructure.
The move signifies a concerted effort by the Nigerian government to bolster economic development and foster sustainable growth across various sectors, especially agriculture and infrastructure.
