The Federal Government has intensified discussions with the Japan International Cooperation Agency (JICA) to fast-track the implementation of a ¥15bn (about $110m) emergency loan to improve food security across the country. The loan is designed to support Nigeria’s food production systems and build resilience amid persistent global supply challenges and domestic inflationary pressures.
The Minister of Finance, Wale Edun, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, met with senior officials from JICA to advance the implementation of the Food Security Emergency Loan Support Programme. During the meeting, the ministers emphasized the importance of swift and coordinated action to maximize impact for farmers and rural communities. With the rainy season already underway, they stressed the urgency of executing key components of the programme to ensure timely support for those who need it most.
According to the agreement reached between the two parties, production activities will proceed immediately under the existing framework. However, additional components, such as aggregation and financing, will be reviewed in line with the original loan agreement. JICA has reaffirmed its commitment to the programme but requested formal clarification on proposed implementation changes. It was jointly agreed that the review of additional components would be conducted in accordance with the original loan terms.
This development comes days after President Bola Tinubu requested approval for a fresh external borrowing plan of $21.5bn under the 2025-2026 borrowing framework. The request includes the ¥15bn loan and a €51m grant to support key development initiatives. According to the President, the facilities are aimed at generating employment, promoting skill acquisition, fostering entrepreneurship, reducing poverty, and improving food security.
The meeting between the Nigerian government and JICA officials underscores the commitment of both parties to improving food security in Nigeria. The loan is expected to have a significant impact on the country’s food production systems, enhancing resilience and reducing the vulnerability of farmers and rural communities to global supply challenges and domestic inflationary pressures. By working together, the Nigerian government and JICA aim to achieve tangible results in the agriculture sector, ultimately contributing to the country’s economic growth and development.
