By Abdullahi Lukman
The federal government is packaging single-digit interest loans for farmers, aimed at revitalizing the agricultural sector to tackle the country’s food security challenges head-on.
Vice President Kashim Shettima dropped this hint while speaking at a Presidential Food Systems Coordinating Unit (PFSCU) steering committee meeting held at the Presidential Villa.
Shettima outlined a multi-pronged approach focused on significantly reducing production costs for local farmers and revitalizing the agricultural sector.
He stressed that central to this strategy is the provision of single-digit interest loans, a measure intended to empower farmers and dramatically increase agricultural output.
Shettima underscored the Tinubu administration’s unwavering commitment to overhauling the nation’s agricultural landscape.
He emphasized the government’s resolve to resuscitate stalled high-impact agricultural projects across the country, assuring farmers of “robust and continuous” support.
The Vice President drew a compelling analogy with South Korea’s remarkable economic transformation, citing the nation’s strategic use of government-backed incentives and low-interest loans to foster the growth of industrial powerhouses like Daewoo, LG, and Samsung.
“I have read and am re-reading Joe Studwell’s How Asia Works,” Shettima stated.
“South Korea, once a struggling nation, became the world’s number one steel producer by offering hefty discounts and single-digit loans to its industries.
This is a model we can learn from.”
To expedite the implementation of these initiatives, Shettima directed Governor Umar Namadi of Jigawa State and Governor Francis Nwifuru of Ebonyi State—both pivotal food-producing regions—to engage with a visiting Brazilian delegation to explore potential avenues for strategic agricultural collaboration.
This directive highlights the government’s proactive approach to seeking international partnerships and leveraging global expertise to enhance Nigeria’s agricultural capabilities.
Governor Namadi acknowledged the PFSCU’s instrumental role in driving positive change within the Nigerian agricultural sector, characterizing the committee as a key player in the pursuit of national food security.
Governor Nwifuru echoed this sentiment, emphasizing the critical need for clearly defined priorities for farmers and the importance of meticulous planning well in advance of each farming season.
This focus on proactive planning aims to ensure that farmers receive the necessary support and resources at the optimal times, maximizing their productivity and yields.
Marion Moon, the Technical Assistant to the President on Agriculture and Coordinator of the PFSCU, provided reassurance to stakeholders, affirming the government’s dedication to ensuring access to affordable food for all Nigerians.
She also reiterated the government’s commitment to incentivizing increased agricultural production to stabilize supply and create a more resilient food system.
These multifaceted interventions, ranging from financial support and strategic partnerships to improved planning and production incentives, collectively demonstrate the government’s comprehensive and determined approach to strengthening the agricultural sector, empowering local farmers, and ultimately securing Nigeria’s food future.