The Federal Government has ramped up discussions with the Japan International Cooperation Agency (JICA) to expedite the implementation of a ¥15 billion (approximately $110 million) emergency loan aimed at strengthening food security across Nigeria.
This was revealed in a statement issued Wednesday by the Federal Ministry of Finance and the Coordinating Ministry of the Economy, following a high-level meeting between Finance Minister Wale Edun, Agriculture and Food Security Minister Senator Abubakar Kyari, and senior JICA officials.
According to the statement, the loan facility is intended to support Nigeria’s food production systems and build resilience in the face of global supply disruptions and rising domestic inflation.
With the rainy season underway, both ministers underscored the need for rapid action to ensure that farmers and rural communities receive timely assistance. JICA, while reaffirming its commitment to the programme, requested formal clarification on proposed implementation adjustments.
It was agreed that core production efforts would begin immediately within the existing framework. Other components—such as aggregation and financing—will be reassessed in alignment with the original loan terms.
The renewed discussions come as President Bola Tinubu has submitted a request to the National Assembly for approval of a new external borrowing plan totalling $21.5 billion under the 2025–2026 framework. This includes the ¥15 billion facility from JICA and a €51 million grant to fund development initiatives.
In his submission, the President explained that the financing will support job creation, skill development, entrepreneurship, poverty reduction, and food security.
As of December 2024, Nigeria’s outstanding debt to JICA stood at $53.31 million, representing 0.88% of its bilateral debt and 0.12% of total external debt. With the proposed loan, the country’s total debt to JICA would increase to $163.31 million.
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