The National Agro Allied Commodities Cooperatives Services (NAACCS) has announced a new partnership with the World Bank to launch a $500 million food security initiative in Nigeria. This six-year program aims to bolster food production and self-sufficiency through financial support for smallholder farmers across the country.
National President General, Queen Hajarat Adeyeye, revealed the initiative on Monday, outlining plans to provide loans to farmers. The funding will help enhance food security and self-sufficiency. Adeyeye expressed gratitude to President Bola Tinubu for approving the scheme, which will benefit farmers in all 36 states and the Federal Capital Territory.
She also commended Agriculture and Food Security Minister Abubakar Kyari and the Managing Director of the Bank of Agriculture for their swift action in approving and disbursing the funds. This initiative is part of broader efforts by the Tinubu administration to create jobs and boost food security, which also include distributing 42,000 metric tons of grains and 58,500 metric tons of milled rice to stabilize the market.
Adeyeye encouraged all stakeholders in the agricultural value chain to open accounts with the Bank of Agriculture to access the loans. The initiative particularly targets youths, women, and disadvantaged groups.
Additionally, Adeyeye announced plans to establish an Agro-Allied Industrial University of Technology in Queen City, Ilu Ajerowaye, Ondo State. The university will span 500 hectares and aims to advance mechanized farming, create jobs, and promote agricultural innovation. The facility will also offer training in modern agricultural technologies and market strategies.