The Federal Government is strengthening its engagement with the Japan International Cooperation Agency (JICA) on the implementation of a ¥15 billion (approximately $110 million) emergency loan facility aimed at achieving food security in the country.
The move was disclosed in a statement by the Federal Ministry of Finance and Coordinating Ministry of the Economy on Wednesday following a strategic meeting between the Minister of Finance, Mr. Wale Edun, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, and senior JICA representatives.
The ministry stated: “The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of Agriculture and Food Security, Senator Abubakar Kyari, today met with senior representatives of the Japan International Cooperation Agency (JICA) to advance the implementation of the Food Security Emergency Loan Support Programme.
“The JPY 15 billion facility (approximately $110 million) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges.
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“Both Ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities”, it added.
According to the ministry, the loan which is being accessed to enhance Nigeria’s food production systems and increase resilience nationwide, is coming at a time when global supply chain disruptions and inflationary pressures continue to strain the nation’s agricultural sector.
With the 2025 rainy season already underway, the ministers stressed the urgency of implementing core components of the programme to ensure timely support for farmers and rural communities.
The JICA team was quoted as reaffirming the agency’s commitment to the partnership but sought some clarifications on proposed implementation changes.
Based on the discussions between the two parties, they agreed that immediate production activities would continue as planned, while other components, such as aggregation and financing, would be reviewed against the terms of the original agreement.
The ministry clarified: “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 Food Security Emergency Loan Support Programme is part of Nigeria’s broader strategy to frontally tackle food insecurity, improve agricultural productivity, and stabilise the economy through sustainable partnerships.
It would be recalled that President Bola Tinubu had written to the Senate seeking approval for a fresh external borrowing plan totalling about $21.5 billion under Nigeria’s 2025–2026 borrowing programme.
In addition to the multi-billion-dollar request, the President also sought the National Assembly’s approval for a loan of 15 billion Japanese Yen and a €51 million grant to support prioritized development programmes.
