The Federal Government has unveiled an ambitious agricultural financing initiative targeting 40 tertiary institutions across Nigeria, with a potential investment of ₦80 billion aimed at expanding food production, strengthening agricultural research and creating employment opportunities for young Nigerians.
The initiative, known as the Renewed Hope Tertiary Agricultural and Entrepreneurship Programme, is designed to transform underutilised farmlands belonging to universities, polytechnics and colleges of education into commercially viable agricultural enterprises.
Minister of Education, Dr Tunji Alausa, disclosed the development during a strategic meeting with heads of the selected institutions and management of the Bank of Agriculture (BOA), where discussions centred on the implementation and operationalisation of the programme.
Under the arrangement, the Bank of Agriculture is expected to provide between ₦1 billion and ₦2 billion in financing to each participating institution, potentially bringing the total funding to ₦80 billion if all 40 institutions access the maximum allocation.
FG Targets Over 500,000 Hectares for Commercial Farming
Alausa explained that the programme seeks to unlock the agricultural potential of more than 500,000 hectares of underutilised land across participating tertiary institutions.
He said each institution would be expected to make approximately 1,000 hectares available for commercial agricultural activities, although institutions with smaller landholdings could also qualify if they present viable business proposals.
According to the minister, the initiative is intended to address the longstanding challenge of underutilised agricultural land within higher institutions by providing access to financing, modern machinery, technical expertise and institutional support.
He added that participating institutions would establish limited liability companies to work with the Bank of Agriculture in managing their agricultural investments and ensuring commercial sustainability.
Mechanisation, Farm Inputs to Strengthen Production
Beyond financial support, the programme will provide participating institutions with access to agricultural machinery and essential farm inputs to improve productivity.
The minister disclosed that each institution would have access to 10 tractors at significantly reduced costs through the government’s agricultural mechanisation initiative.
Other components of the intervention include improved seedlings, farm implements, irrigation facilities, water pumps, fertilisers and technical assistance.
The Federal Government also plans to establish market linkages with produce aggregators to guarantee buyers for harvested crops and minimise post-harvest losses.
The initiative is expected to extend beyond primary agricultural production, with subsequent phases focusing on processing and other agro-allied businesses to develop sustainable agricultural value chains.
Students, Graduates to Benefit from Employment Opportunities
Alausa said the programme would create opportunities for students, unemployed graduates, university alumni, academic and non-academic staff, as well as members of host communities to participate in commercial farming.
He explained that participants would gain practical agricultural experience under the supervision of lecturers and agricultural experts while contributing to food production and enterprise development.
The initiative is also expected to strengthen the relationship between academic research and commercial agriculture by enabling tertiary institutions to translate their research findings into practical solutions for Nigeria’s agricultural sector.
FG Builds on Previous Agricultural Interventions
The education minister further disclosed that the initiative would build on previous agricultural interventions supported through the Tertiary Education Trust Fund (TETFund), which had approved funding of between ₦1 billion and ₦2 billion for selected institutions.
He also revealed that the Federal Ministry of Education had made a provision of ₦20 billion in its capital budget to support 20 tertiary institutions under the agricultural development initiative.
The additional financing arrangements are expected to strengthen the government’s broader efforts to encourage institutional investment in agriculture and reduce dependence on traditional sources of revenue.
Institutions, BOA Welcome Initiative
The Vice-Chancellor of Ahmadu Bello University, Zaria, Professor Adamu Ahmed, described the programme as an important opportunity to convert the institution’s agricultural research capacity into commercial production.
He identified the university’s Institute of Agricultural Research, National Agricultural Extension and Research Liaison Services and Faculty of Agriculture as existing structures that could support the successful implementation of the initiative.
Similarly, the Rector of Federal Polytechnic Oko, Dr Chioma Awuzie, welcomed the programme, noting that it would enable the institution to maximise its available farmland through mechanised agriculture and improve production.
The Managing Director of the Bank of Agriculture, Ayo Sotinrin, said the bank would provide financing and market linkages to help participating institutions commercialise agricultural research, improve productivity and generate economic opportunities.
He added that the initiative would position tertiary institutions to contribute meaningfully to food supplies beyond their immediate communities while generating revenue from their agricultural investments.
The Federal Government expressed its commitment to working with the Bank of Agriculture, relevant agencies and participating institutions to ensure effective implementation of the programme.
If successfully executed, the initiative could reposition Nigeria’s tertiary institutions as important centres of agricultural innovation, commercial farming, entrepreneurship and sustainable food production.
Leave a comment