Agric Development Fund Coming.

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Nigerian farmers may soon have multiple access to funds for cultivation and other activities as a new National Agricultural Development Fund is coming.

The new Fund, when it is established will draw funding from Nigeria’s annual budget from which it is expected to support the country’s agricultural sector.

The bill to establish the fund was passed by Senate on Wednesday following the consideration of the report of the Senate Committee on Agriculture and Rural Development.

When the bill is assented by President Muhammadu Buhari, the federal government will be compelled to allocate 10 percent of its national budget to agrucultura development in line with the MAPUTO declaration of 2003.

Presenting the report, Chairman of the Committee, Senator Abdullahi Adamu (APC, Nasarawa West) explained that the purpose for the establishment of the Fund is to provide finance to support the strategic aspect of Agricultural Development in Nigeria.

He observed that to date, Nigeria is yet to fully implement the 2003 MAPUTO Declaration on Agriculture requiring States Parties to allocate 10 percent of its National budget to Agricultural Development.

“If this was done, Agricultural Research and Development, Food Production and Food Security would have witnessed a major leap”, Adamu said.

The Fund is to provide emergency support funding for Agricultural control access to finance trans-boundary animal disease outbreak; as well as support service through micro finance and collaborate with development partners to support food security and Agricultural modernization.

It addresses key binding constraints to complete transition from subsistence farming to modern Agriculture capable of generating inclusive growth and economic diversification.

There are several intervention programmes for agriculture sector especially in the banking industry administered by the Central Bank of Nigeria and it is expected that the new Agric development fund when it is eventually established will be complimentary.

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