President Goodluck Jonathan has launched the Youth Employment in Agriculture Program and the $100m Fund for Agricultural Finance in Nigeria.
Speaking at the launch on Tuesday at the State House Banquet Hall, Jonathan said his government foresaw the drop in crude oil price, hence the launch of the Agricultural Transformation Agenda three years ago aimed at diversifying the country’s economy.
According to him, the ATA had yielded additional 21 million metric tonnes of food that had created a buffer to mitigate the impact of the oil price volatility on the economy.
President Jonathan noted that the target of 20 million metric tonnes of food by 2015 set at its launch in 2011 has already been surpassed.
He described YEAP and FAFIN as landmark initiatives of his administration that would fast-track the agricultural transformation process.
President Jonathan said at least $100 million would be deployed towards providing affordable long-term financing to support the development of small and medium agribusinesses in the country.
He thanked the Ministry of Finance, KFW Development Bank, the German Development Bank, the Nigerian Sovereign Investment Authority and other contributors to FAFIN.
His words: “Since I assumed office, I have worked with great determination to reverse the scourge of youth unemployment in our country.
“That is why the Youth Employment in Agriculture Programme is very dear to me.
“Its overall goal is to contribute to food security and nutrition, rural income generation and improved livelihood for young people our dear country.”
The Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina, said that YEAP was targeted at 750,000 market-oriented young agricultural producers in rural areas.
Adesina explained that the target beneficiaries would be school leavers and young rural farmers comprising 20,000 per state of the federation.
The YEAP, he said, is expected to turn 18,000 university graduates into agropreneurs and agribusiness leaders.