The Federal Government has stepped up discussions with the Japan International Cooperation Agency (JICA) to fast-track a ¥15bn (approximately $110 million) emergency loan aimed at bolstering food security across Nigeria.

This was disclosed in a statement issued Wednesday by the Federal Ministry of Finance after a high-level meeting involving the Finance Minister, Wale Edun; the Minister of Agriculture and Food Security, Senator Abubakar Kyari; and senior JICA officials.

According to the ministry, the facility is intended to support Nigeria’s food production systems and boost resilience amid global supply chain disruptions and domestic inflation.

With the rainy season underway, both ministers stressed the urgency of implementing key aspects of the programme to support farmers and rural communities. JICA reaffirmed its commitment but requested formal clarification on proposed implementation changes. It was agreed that core production activities would proceed immediately, while components like aggregation and financing would be reviewed.

The development follows President Bola Tinubu’s recent request to the National Assembly for approval of a $21.5 billion external borrowing plan, which includes the ¥15bn JICA loan and a €51 million grant for various development initiatives.

As of December 2024, Nigeria’s debt to JICA stands at $53.31 million. If the new loan is approved, it will rise to $163.31 million.