Sign In
  • Africa
  • African
  • Trump
  • Guardian
  • Mail
  • South
logo
  • Home
  • Ghana
  • Africa
  • World
  • Politics
  • Business
  • Technology
  • Sports
  • Entertainment
  • Health
  • Crime
  • Lifestyle
Reading: Nigeria Obtains $600 Million Foreign Agricultural Loans
Share
African News HeraldAfrican News Herald
Font ResizerAa
Search
  • Home
  • Ghana
  • Africa
  • World
  • Politics
  • Business
  • Technology
  • Sports
  • Entertainment
  • Health
  • Crime
  • Lifestyle
Follow US
© 2024 africanewsherald.com – All Rights Reserved.
African News Herald > Blog > Business > Nigeria Obtains $600 Million Foreign Agricultural Loans
Business

Nigeria Obtains $600 Million Foreign Agricultural Loans

ANH Team
Last updated: December 17, 2024 8:14 am
ANH Team
Share
SHARE

Over $600 Million in Foreign Agricultural Loans Secured by Nigerian Government

In a bid to promote rural development and food security, the Nigerian government has secured over $600 million in foreign agricultural loans through the Ministry of Agriculture and Food Security in 2024.

The Ministry of Agriculture and Food Security announced that they have obtained a $134 million financing facility from the African Development Bank to boost the country’s production of grain and seeds.

“The Nigerian government has secured a loan facility of $134 million from the African Development Bank to help farmers increase seed and grain production in the country,” the statement read.

Additionally, through the Rural Access and Agricultural Marketing Project (RAAMP), the government has secured a $500 million loan from the World Bank, bringing the total amount to $634 million.

The RAAMP project aims to promote social and economic growth in rural areas by improving access to hospitals, schools, and agricultural hubs. It also seeks to bridge the gap between rural communities and larger markets.

One of the key requirements for states to receive RAAMP funding is the establishment of operational road funds and road agencies, as stated by Aliyu Abdullahi, Minister of State for Agriculture and Food Security.

Aminu Mohammed, the RAAMP National Coordinator, highlighted the project’s focus on rural infrastructure, stating, “Improving rural roads and trading infrastructure is the main goal of RAAMP to increase food production.”

The initiative is currently active in 19 states and will allocate funds based on socioeconomic factors, implementation readiness, and state co-finance commitments.

See also  Hydrobox Secures USD 9 Million from FMO to Expand Mini-Grids in Kenya

The project also aims to enhance women’s representation in the transport industry by developing rural access road authorities.

For the second phase of RAAMP, the World Bank will contribute $500 million, with the federal and state governments providing $100 million in matching funds.

Despite the government’s efforts to boost agricultural activities through mechanization, irrigation facilities, and financial support, many farmers in Nigeria have criticized the initiatives as selective and poorly executed.

La’ah Dauda, a farmer from Kaduna, expressed his concerns, stating, “The initiatives are very selective, and even the data is scarce. They focus only on certain areas, neglecting smallholder farmers who are the backbone of Nigeria’s agriculture. How can we attract new farmers if others are left out?”

Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
TAGGED:agriculturalforeignLoansmillionNigeriaObtains
Share This Article
Twitter Email Copy Link Print
Previous Article Gilmore Girls Cast Reunions Through the Years: Photos
Next Article Why Cooking Christmas Dinner in an Air Fryer is a Bad Idea
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Pick

Best Phone 2024: Top 10 Mobile Phones Today

Need a new phone? The constant influx of new handsets can make it challenging to keep track of what's worth…

November 12, 2024 3 Min Read
14 best trading platforms in Nigeria 

Avatrade is regulated by the Central Bank of Ireland, ASIC in Australia,…

20 Min Read
The fall of Ghana’s NPP and the resurgence of the NDC in the 2024

The 2024 general elections in Ghana marked a seismic shift in the…

8 Min Read

Lifestyle

Mobile network operators grilled by MP’s over data costs

Mobile network operators (MNO) Vodacom, MTN, Cell C, Telkom, and…

June 15, 2025

A R70K pen or a R50K lamp? Five extravagant Father’s Day gifts

Father's Day is just around the…

June 14, 2025

Nzimande signs letter of intent in China to boost AI in SA

In October of last year, Communications…

June 14, 2025

Egg baked mushroom medley traybake

If you're looking for a quick…

June 13, 2025

Father’s Day: A guide to buying dad a gift that has meaning

Father's Day is a special time…

June 13, 2025

You Might Also Like

Business

Rebag’s Amazon deal could upend how we shop for pre-loved fashion

Rebag, a leading luxury resale company, recently announced its partnership with Luxury Stores on Amazon, offering nearly 30,000 authenticated pre-owned…

3 Min Read
Open burger menu
Ghana

NSS Scandal: Mustapha Ussif refutes allegations in GH¢548 million fraud, ready for court

Former National Service Authority Director Mustapha Ussif has vehemently denied any involvement in a massive GH¢548 million payroll fraud scheme…

3 Min Read
Africa

Nigeria Records Trade Surplus as Exports Surge in Q1 2025

Nigeria's Exports Reach $13.44 Billion in Q1 2025 Nigeria has experienced a significant surge in exports, reaching $13.44 billion in…

2 Min Read
Business

Oil Prices Jump, Stocks Sink After Israel Strikes Iran

Oil Prices Surge, Stocks Fall After Israel Strikes Iran Oil prices surged while stocks fell on Friday after Israel attacked…

3 Min Read
logo logo
Facebook Twitter Youtube

About US

Stay informed with the latest news from Africa and around the world. Covering global politics, sports, and technology, our site delivers in-depth analysis, breaking news, and exclusive insights to keep you connected with the stories that matter most.

Top Categories
  • Africa
  • Business
  • Entertainment
  • Sports
Usefull Links
  • Home
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2024 africanewsherald.com –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?