…as 50kg bag of local rice hits N70,000
As the prices of foodstuffs skyrocket in the market place, making most staple foods out of reach of many households, the African Development Bank (AfDB), the continental development finance institution, has taken up the gauntlet as it supported Nigeria with $134 million to boost the cultivation of rice, cassava, maize, soybeans, among others.
The announcement came from Dr. Akinwunmi Adesina, President of the AfDB, following his visit to the Centre for Dryland Agriculture (CDA) at Bayero University, Kano. Adesina unveiled plans to allocate funds towards the cultivation of key crops including rice, maize, cassava, and soya beans, with the aim of enhancing food production and alleviating the prevailing food shortages.
“Under the initiative, Nigeria is set to cultivate 300,000 hectares of rice and maize, along with 150,000 hectares of cassava and 50,000 hectares of soya beans during the forthcoming 2024 planting season. Additionally, the AfDB is extending support for the cultivation of heat-tolerant varieties of wheat and maize across 118,000 hectares, emphasizing the critical need for adaptive strategies in the face of climate change,” the AfDB President said.
According to the latest market survey, a 50kg bag of local rice goes for about N67,000 and N70,000 while foreign rice is about N80,000.
Adesina lauded the efforts of Sagir Adamu-Abbas, Vice-Chancellor of Bayero University, and Jibrin Mohammed-Jibrin, Director of CDA, in empowering farmers with technological solutions amidst evolving climatic conditions. Jibrin Mohammed-Jibrin emphasized the CDA’s dedication to enhancing livelihoods and sustainable resource management through research and training initiatives. Notably, the CDA has received significant support from the World Bank and has played a pivotal role in training both academic scholars and farmers in agro-ecological practices.
With the agriculture sector being a cornerstone of Nigeria’s economy and a primary source of livelihood for a vast proportion of the population, the earmarked funds represent a lifeline for farmers struggling with the challenges posed by climate change, dwindling resources, and fluctuating market conditions. The cultivation of essential crops such as rice, maize, cassava, soybeans, and heat-tolerant varieties of wheat stands to benefit immensely from targeted investment, paving the way for enhanced food production and self-sufficiency.
In the face of a staggering food inflation rate of 35.41%, according to the Nigeria Bureau of Statistics, the timely infusion of funds could serve as a crucial mechanism for stabilizing food prices and mitigating the adverse impacts of soaring inflation on vulnerable households. By improving agricultural productivity and expanding cultivated areas, the AfDB’s financial support has the potential to alleviate the burden of food shortages and foster greater food accessibility for millions of Nigerians grappling with the harsh economic realities.
Furthermore, the strategic allocation of funds towards irrigation infrastructure, technological advancements, and capacity-building initiatives holds the promise of enhancing the resilience of Nigeria’s agricultural sector to the vagaries of climate change. With only three percent of African agriculture currently under irrigation, as highlighted by Dr. Akinwunmi Adesina, President of the AfDB, there exists a pressing need to adopt innovative approaches to water management and cultivate drought-resistant crops to safeguard against future climatic uncertainties.
The AfDB also expressed its commitment to fostering technological advancements in agriculture by providing grants to the CDA. Collaboration between the AfDB and the CDA aims to establish a center dedicated to weather pattern predictions and data collection, facilitating improved planning and resilience among farmers.
