Nigeria acquires $134 million loan for farming investment DW 11/14/2024
Briefly

Abubakar Kyari stated, "the plan aimed to boost productivity in key staple crops, including wheat, rice, and maize, for both dry and wet season farming." This reflects the government's commitment to enhance agricultural output in response to growing food insecurity.
Kyari emphasized the federal government's intention to "establish a minimum guarantee price for crops, helping to stabilize farmers' incomes and reduce reliance on imports," reinforcing support for local agriculture.
According to the Cadre Harmonise, around 25 million Nigerians face acute food insecurity, with projections indicating this number could rise to 33 million by 2025, highlighting a critical situation.
The context of economic challenges includes a 40.9% food-price inflation rate recorded in June and the adverse impacts of the devaluation of the naira and removal of fuel subsidies.
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