The Nigeria Agricultural Development Fund (NADF) has stated that Nigeria requires an investment of about $180 million to bridge the financing gap in the agricultural sector.

The Executive Secretary of NADF, Muhammed Abu Ibrahim, disclosed this during a media parley at the weekend in Abuja.

He said the Fund is working towards raising funds through grants and from the public and private sectors to bridge the funding gap.

He explained that although NADF was expected to be funded from the 5 percent import duty levy on rice, sugar, poultry, dairy, and livestock, they are no longer receiving the funds due to import duty waivers on some agricultural items by the President.

Ibrahim added that NADF also receives funding from the 0.05 percent allocation from the Natural Resource Development Fund, which is about 1.86 percent of the FAC allocation, as well as budget appropriations.

He noted that their mandate also allows them to raise capital from investors, which is disbursed to banks at low-interest rates.

The Executive Secretary said the need for accurate data to identify real farmers to ensure proper allocation of funds. He stated that the Federal Ministry of Agriculture and other critical stakeholders are currently collaborating with the Nigeria Bureau of Statistics (NBS) to gather accurate data.

He revealed that NADF has developed four frameworks tailored to address specific issues in the agricultural sector.

“The problems are real, and it’s important to develop solutions that will stand the test of time,” he said.