The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the Federal Government is taking a significant step towards achieving food security and economic growth through the enhanced National Agricultural Growth Scheme (NAGS).
The initiative aims to strengthen food security, stabilise commodity prices, and support small holder farmers nationwide.
Presiding over a meeting on the operationalisation of the initiative in his office in Abuja today, the minister reaffirmed President Bola Ahmed Tinubu’s commitment to macroeconomic stability and agricultural transformation.
He highlighted Nigeria’s 3.84% economic growth, rising foreign reserves, and a stabilised exchange rate as positive indicators.
Edun emphasised the need for efficient financing, mechanisation, and strategic commodity storage to enhance productivity and ensure price stability.
With funding support from the Japan International Cooperation Agency (JICA) and a newly signed Mechanisation and Commercialisation Programme with Brazil, the scheme will provide essential inputs, machinery, and financial support to 200,000 farmers during the wet season and 50,000 during the dry season, focusing on key crops such as rice, maize, cassava, and sorghum.
At the meeting, the Executive Secretary of the National Agricultural Land Development Authority (NALDA), Mr. Cornelius O. Adebayo, underscored the significance of a coordinated approach to agricultural development.
He said: “This initiative integrates key ecosystem players to address commodity pricing, harvest losses, and productivity challenges, ensuring long-term food security and national reserves.”
The meeting also tackled challenges conclusion logistical huddles in food distribution, with renewed government efforts to strengthen supply chains and bolster strategic food reserves
Commenting on the development, the spokesman of the Ministry of Finance, Mohammed Manga, said in a press release: “As Nigeria accelerates the implementation of the enhanced NAGS, the government reaffirms its commitment to ensuring food security, promoting economic growth, and improving the lives of Nigerian farmers and citizens.
“With this bold initiative, Nigeria is poised to become a leader in agricultural development and a model for sustainable food systems in Africa.”
