Get Guardian on GoogleThe federal government has unveiled a N2 billion-per-institution agricultural financing package for 40 tertiary institutions to transform over 500,000 hectares of underutilised land into commercial farms, boost food production and create jobs for Nigerian youths.
The Minister of Education, Dr Tunji Alausa, disclosed this during a meeting with heads of the selected institutions and the management of theBank of Agriculture (BOA) to discuss the implementation of the Renewed Hope Tertiary Agricultural and Entrepreneurship Programme.
Under the initiative, the BOA will provide between N1 billion and N2 billion to each participating institution to establish commercial farming operations, acquire agricultural equipment and strengthen production.
Alausa said the programme was designed to end the longstanding underutilisation of agricultural land in tertiary institutions by providing the financing, machinery, technical expertise and institutional support needed to make farming commercially viable.
He said participating universities, polytechnics and colleges of education were expected to provide about 1,000 hectares each, though institutions with smaller landholdings could qualify based on the viability of their business proposals.
Each institution is also expected to establish a limited liability company to partner the BOA in managing its agricultural investments.
According to the minister, the Federal Ministry of Education provided for N20 billion in its capital budget to support 20 tertiary institutions under the agricultural development initiative.
He added that the programme would build on previous interventions by the Tertiary Education Trust Fund (TETFund), which approved N1 billion for some institutions and N2 billion for others.
Beyond financing, participating institutions will receive 10 tractors each at significantly reduced costs through the government’s agricultural mechanisation initiative, the minister disclosed.
Other support will include modern seedlings, farm implements, irrigation equipment, water pumps, fertilisers and technical assistance to improve productivity.
Moreover, the government will also engage produce aggregators to purchase crops and introduce measures to reduce post-harvest losses, as a way to guarantee a ready market for harvested produce.
Alausa said students, unemployed graduates, alumni, academic and non-academic staff, as well as members of host communities, would participate in the commercial farming ventures under the supervision of lecturers and agricultural experts.
Welcoming the programme, the Vice-Chancellor of Ahmadu Bello University, Zaria, Prof. Adamu Ahmed, said it would help the institution translate its extensive agricultural research capacity into commercial production.
Similarly, the Rector, Federal Polytechnic Oko, Dr Chioma Awuzie, said the initiative would enable the institution to maximise its available land through mechanised farming and improve agricultural production.
Meanwhile, the Managing Director of BOA, Ayo Sotinrin, said the bank would provide financing and market linkages to help institutions commercialise agricultural research, improve productivity and generate revenue.
