Food Security: Japan to invest about $99.1 million in Nigeria Agric Sector – Wale Edun  

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that the Japanese International Cooperation Agency is allocating ¥ 15 billion (approximately $99.1 million) to enhance food security in Nigeria by supporting its agricultural sector. 

The Minister made this disclosure in a statement on Monday following the conclusion of the fourth FEC meeting of the year. 

The Minister described the investment as “free money,” highlighting its ten-year moratorium and minimal 1% interest rate, which he believes will not strain the nation’s financial resources. 

Edun said that for President Tinubu, agricultural investment is paramount and will lead to increased productivity in the sector. 

FG to set up a temporary economic task force 

Speaking further, Edun noted that the federal government is planning to set up an economic task force, adding that the president has approved the request from his ministry.  

According to him, the task force will be active for six months to implement key economic measures across multiple sectors.  

He said these measures will help boost productivity and enhance inclusive and sustained growth in the economy. 

Food insecurity has become an increasingly worrisome situation in Nigeria as inflation continues to drive the price of food items in Nigeria. 

According to the National Bureau of Statistics, Nigeria’s inflation rate stands at 31.7% as of February 2024, with food inflation as high as 37%.  

In response, the federal government has declared a state of emergency on food security nationwide.  

In addition, the president also ordered that the national grain reserve be opened and food items be distributed across the country.