The Federal Government is working closely with the Japan International Cooperation Agency (JICA) to finalise a ¥15 billion (about $110 million) emergency loan aimed at addressing food insecurity in Nigeria.
The plan is part of an urgent move to support local food production, especially with the rainy season already underway. Finance Minister Wale Edun and Agriculture Minister Abubakar Kyari met with senior JICA officials this week to speed up the process.
According to the Ministry of Finance, the loan will help strengthen Nigeria’s food systems, improve productivity, and provide relief against rising food prices caused by inflation and global supply challenges.
During the meeting, both ministers stressed the need for fast implementation so that farmers and rural communities can benefit without delay. JICA welcomed the commitment but asked for further clarity on some changes proposed by the Nigerian side.
It was agreed that farming-related activities would begin immediately, while other parts of the programme, such as aggregation and financing, would be reviewed based on the original terms of the loan.
This move comes shortly after President Bola Tinubu asked the National Assembly to approve a new external borrowing plan of $21.5 billion for various development projects, which includes the Japanese loan and a €51 million grant.
If the Japanese facility is approved, Nigeria’s total debt to JICA would rise from $53.31 million to about $163.31 million, according to data from the Debt Management Office.
