President Bola Tinubu has requested an emergency loan of ¥15 billion (approximately $110 million) from the Japan International Cooperation Agency (JICA) to support efforts aimed at boosting food secsecurity across Nigeria.
The request, which forms part of the Food Security Emergency Loan Support Programme, was revealed in a statement released by the Federal Ministry of Finance on Wednesday.
According to the statement, the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, met with senior JICA officials to fast-track the implementation of the programme.
“The JPY 15bn facility (approximately $110m) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges,” the statement read.
It added, “Both ministers emphasized the importance of swift, coordinated action to maximize impact for farmers and rural communities.”
JICA, while reaffirming its commitment to the programme, called for formal clarification on proposed changes to the project’s implementation structure.
“JICA welcomed the government’s commitment to delivery and requested formal clarification on proposed implementation adjustments.
“It was jointly agreed that core production activities would proceed immediately under the existing framework, while additional components such as aggregation and financing would be reviewed in line with the original loan agreement,” the statement added.
This new loan request comes just over a week after President Tinubu, on May 27, sought the National Assembly’s approval for a fresh external borrowing plan of $21.5 billion.
The president had said the larger borrowing plan would help create jobs, promote skill acquisition, and foster entrepreneurship as part of broader efforts to reduce poverty and stimulate economic growth.
The emergency loan from JICA is expected to provide urgent support to Nigeria’s agricultural value chain, particularly in addressing food production gaps and enhancing the livelihoods of rural farmers amid mounting economic pressures.
