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Mon, Sep 11, 2023 8:00 PM

Nigeria Secures $163 Million Loan for Scaling Up Wheat Production

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Nigeria Secures $163 Million Loan for Scaling Up Wheat Production
Nigeria has received a $163 million loan from the African Development Bank (AfDB) to support the scaling up of wheat production in the country. The government aims to cultivate 250,000 hectares of wheat during the next cropping season as part of its wheat self-sufficiency drive. This loan is a significant boost to Nigeria's agriculture sector and its efforts to enhance food security for its growing population.

Nigeria is set to increase its wheat production capacity with the support of a $163 million loan from the African Development Bank (AfDB), according to Nigerian Vice President Kashim Shettima. The loan announcement came during Shettima's visit to Argungu, Kebbi State, where he highlighted the government's commitment to agriculture and food security.

The funds will be used to cultivate 50,000 hectares of wheat in Jigawa State and an additional 10,000 hectares in Kebbi as part of the wheat project. This initiative is aimed at reducing Nigeria's dependence on wheat imports, despite the country's vast arable land area.

Currently, Nigeria relies on imports to meet its food and agricultural product needs, as reported by the Foreign Agricultural Service (FAS) of the US Department of Agriculture. With a population of over 217 million people, Nigeria boasts the largest market in Africa.

By scaling up wheat production, the Nigerian government aims to achieve self-sufficiency in wheat production and reduce the burden on imports. The goal is to cultivate 250,000 hectares of wheat during the upcoming cropping season in 2023-24. This ambitious plan is aligned with the government's vision for agriculture and food security.

The African Development Bank loan will play a crucial role in supporting Nigeria's efforts to boost its wheat production capacity. The financial injection will help fund the necessary infrastructure, equipment, and resources required for cultivating wheat on a large scale.

According to the Foreign Agricultural Service (FAS), the government's target is to produce 156,000 tonnes of wheat in the 2023-24 cropping season. This represents a significant increase of 42% from the previous year, with a projected harvested area of 130,000 hectares, showing a 30% growth.

As Nigeria continues to experience a growing population, achieving food security is of paramount importance. Enhancing domestic food production, particularly staple crops like wheat, is crucial to meet the increasing demand for food in the country.

The loan from the AfDB represents a significant step forward for Nigeria's agriculture sector. It not only provides financial support but also showcases the country's commitment to agricultural development and its determination to reduce dependence on imports.

In conclusion, Nigeria's $163 million loan from the African Development Bank is set to facilitate the scaling up of wheat production in the country. With ambitious targets for the upcoming cropping season, Nigeria aims to achieve self-sufficiency in wheat production and reduce its reliance on imports. This loan represents a significant boost to the agriculture sector and underlines Nigeria's commitment to enhancing food security for its growing population.

Source of content: OOO News 2023-09-11 News

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