1bn Dollar Farmers Support Loan

The Minister of Agriculture and Rural Development, Mr Sabo Nanono said, the federal government will obtain $1 billion from foreign banks to purchase farming equipment for local farmers in the country. In January 2020, the Federal Government flagged off the implementation of the $1.1b agricultural mechanisation programme, known as the Green Imperative programme (GIP). 

In June 2020, the central bank of Nigeria (CBN) stated that the 432 billion naira farmers support loan was for the 2020 wet planting season to boost food production.

Mr Godwin Emefiele, Central Bank Governor

Mr Nanono said, GIP is expected to benefit 100, 000 young people directly and 5 million indirectly. It is designed to enable Nigeria acquire 10, 000 units of tractors and 50, 000 units of assorted implement and equipment for assembly in the country.

Alh. Sabo Nanono, Hon Minister of Agriculture and Rural Development

It is also meant to ensure training of beneficiaries for over 10 years and establishment of 780 service centres to assist smallholder farmers prepare the soil, cultivate and harvest farm produce.

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