The Minister of Education, Dr. Tunji Alausa, announced that 40 tertiary institutions in Nigeria will benefit from a N2 billion financial grant from the Bank of Agriculture. This initiative aims to transform underutilised institutional farmlands into productive agricultural hubs. The programme, part of the Renewed Hope Tertiary Agricultural and Entrepreneurship Programme, seeks to address the longstanding underutilisation of agricultural land in tertiary institutions.
The grant will provide financing, machinery, technical expertise, and institutional support to make farming commercially viable and sustainable. Over 500,000 hectares of land across tertiary institutions have been set aside for commercial agriculture, research, and enterprise development. Participating universities, polytechnics, and colleges of education are expected to provide approximately 1,000 hectares of land each.
Institutions with smaller landholdings may also qualify based on the strength and viability of their business proposals. Each participating institution will establish a limited liability company to work with the Bank of Agriculture, which will provide between N1 billion and N2 billion in financing to support agricultural production and related inputs.
The programme builds on earlier Federal Government interventions through the Tertiary Education Trust Fund (TETFund), which had approved funding support for selected institutions. Allocations of N1 billion and N2 billion were made to some institutions. The Minister described the initiative as a practical demonstration of President Tinubu’s commitment to food security.
A meeting was held with the heads of the 40 tertiary institutions chosen for the pilot phase and the management of the Bank of Agriculture to discuss the implementation and operationalisation modalities. The Minister stressed that the programme aims to address the underutilisation of agricultural land in tertiary institutions.
The Bank of Agriculture’s grant is expected to enhance food production and promote entrepreneurship among students. The programme also seeks to create job opportunities and stimulate economic growth. The initiative is a collaboration between the Federal Government, the Bank of Agriculture, and tertiary institutions.
The successful implementation of this programme could serve as a model for other countries in the region. The Minister expressed optimism that the programme would achieve its objectives and make a positive impact on the nation’s food security.
Key points
- The Bank of Agriculture has granted N2 billion each to 40 Nigerian tertiary institutions to boost food production.
- The programme aims to transform underutilised institutional farmlands into productive agricultural hubs.
- Over 500,000 hectares of land have been set aside for commercial agriculture, research, and enterprise development.
