FG Targets Two Million Farmers Under N60bn Survival Fund.

By InsideBusiness On Sep 25, 2020

As the registration for the N60 billion Survival Fund begins, the federal government has certified two million farmers to benefit from the agriculture component of the Fund which is to create jobs and guarantee food sufficiency.

The government on Monday opened the portal on which Nigerians are to register to be able to access the fund that is to cushion the effect of the Covid-19 pandemic on every sectors of the economy.

The Vice-President during a virtual interactive session by the Africa Report magazine which focused on Nigeria’s post-pandemic recovery plan also referred to as ‘Bouncing Back’ noted that the government has an ambitious plan of being a net exporter and is making every efforts in that direction.

“We are hoping that we can become a net exporter. At the moment we are the biggest producers of yam and cassava in the world. And through this Mass Agriculture program, we hope to become a net exporter of some of the products that we are focused on.

“So, a key factor of the Mass Agriculture Programme is that there is guarantee off-take for farmers,” Prof. Osinbajo added.

Under the Guaranteed Off-take Scheme, the government will buy from manufacturers of certain items and food products and “Our target is about 300, 000 of such producers of foods. Both schemes will benefit about 1.7 million individuals and small business.” while about 1.3 million beneficiaries are being targeted under the artisans and transporters grants.

Vice-President Osinbajo who described progress recorded in the first three days of the registration of applicants as massive and impressive noted that the housing component of the plan, will create opportunities for local builders, architects and other professionals and artisans in the building industry.

“We have a target of 300,000 housing units in this plan. It is a huge target but when you break it down, it means that each state will build something in the order of 8,300 or so housing units in each of the 36 states and that will come to under 400 houses in each Local Government Area. The whole idea is to engage young men and women who are builders, architects and all that, forming small companies that can take these housing units in lots.

“What we expect to happen and what we have planned is that in each site you would have block making going on, you would have door manufacturing, window manufacturing and all of that. In other words, we’re trying to ensure that local materials are used in the building of these houses.”

On the funding of the stimulus package, the Vice President said N500 billion is provided in the budget out of the N2.3 trillion while the balance is being mainly funded through structured loans from the Central Bank of Nigeria (CBN).