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That National Agricultural Development Fund
That National Agricultural Development Fund
The National Agriculture Development Fund is one of the numerous achievements of the Muhammadu Buhari government that are crucial to the considerable changes in the agricultural industry (NADF). In October 2022, the Act creating the Fund was signed by the president.
Nine tasks are included in the NADF establishment legislation, all of which are intended to provide crucial financial support for the Nigerian agriculture sector’s quick and sustainable expansion for the benefit of all residents.
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One of the functions of the fund listed at Section 8 in Part II of the act is the provision of money “to support agricultural development in Nigeria taking into consideration the need for food production and food security in Nigeria, in all its ramifications, including crop production, livestock, fisheries, poultry and agro-forestry.”
The fund is expected to “provide finance for the implementation of agricultural policies and strengthen agricultural institutions within the framework of national priorities and strategies.” And significantly, it should “provide funds for on-lending to farmers and corporate bodies through financial institutions including microfinance banks, cooperative societies, organisations, farmer groups and institutions on appropriate soft terms.”
There will undoubtedly be a surge in agricultural operations if all tasks are carried out with patriotism and a practical willingness to fulfill the fund’s objectives. This will increase productivity and further the food security of over 200 million Nigerians.
One of the expected advantages of the NADF is the removal of agricultural finance from the budget cycle, which runs from January to December. Long after the wet season has ended, money is released to the ministry of agriculture as a result. The funding for farming during the dry season is also tardy. It would be best to ignore this abnormality.
The NADF will undoubtedly have an influence on the Nigerian agriculture industry if used wisely and in the manner that it was intended and anticipated in the act.
The creation of NADF is only one of dozens of measures launched by the Buhari administration to support the agricultural sector, whose contribution to Nigeria’s Gross Domestic Product (GDP) exceeds that of the oil and gas, manufacturing, and entertainment sectors put together.
The Tertiary Education Trust Fund (TETFund) provides infrastructure and other supports to the tertiary segment of the public education sector in Nigeria. If used wisely and in the manner in which it was intended and envisioned in the act, the NADF will unquestionably have a visible impact on the Nigerian agricultural sector.
It is significant to note that the creation of NADF is just one of the many initiatives launched by the Buhari administration to support the agricultural sector, whose contribution to Nigeria’s Gross Domestic Product (GDP) surpassed that of the manufacturing, oil and gas, and entertainment sectors put together.
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