Nigeria Govt seeks ¥15b Japanese emergency loan to tackle food security
Tinubu had in July 2023 declared a state of emergency to tackle rising food prices and shortages, but the price of foodstuffs and other commodities have continued to surge since his two years in office, with the country’s food inflation peaking at over 40 per cent in June last year, a media report said.
The Federal Government of Nigeria says it has approached the Japan International Cooperation Agency (JICA) to advance the implementation of a ¥15 billion (approximately $110 million) emergency loan facility for it to strengthen food security in the country.
Country’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the plan in a statement issued by the ministry on Wednesday, June 4, 2025.
According to the statement, the meeting was attended by the Minister of Agriculture and Food Security, Abubakar Kyari, and senior JICA officials.
Explaining, it said the plan is under the implementation of the Food Security Emergency Loan Support Programme and that the loan is to be targeted at enhancing food production systems and increasing resilience across the country.
“The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of Agriculture and Food Security, Senator Abubakar Kyari, today met with senior representatives of the Japan International Cooperation Agency (JICA) to advance the implementation of the Food Security Emergency Loan Support Programme.
“The JPY 15 billion facility (approximately $110 million) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges,” the ministry said.
It stated that the ministers said it was urgent to execute core components of the programme to ensure timely support for farmers and rural communities.
“Both Ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities,” the ministry added.
The JICA, in its response, reaffirmed its commitment to partner with Nigeria but requested formal clarification on proposed implementation changes.
As such, immediate production activities were said to continue as planned, while other components, such as aggregation and financing, would be reviewed against the terms of the original agreement, the ministry maintained.
“JICA welcomed the government’s commitment to delivery and requested formal clarification on proposed implementation adjustments. It was jointly agreed that core production activities would proceed immediately under the existing framework, while additional components, such as aggregation and financing, would be reviewed in line with the original loan agreement,” it added.
Tinubu had in July 2023 declared a state of emergency to tackle rising food prices and shortages, but the price of foodstuffs and other commodities have continued to surge since his two years in office, with the country’s food inflation peaking at over 40 percent in June last year.
The Japanese loan request comes just after a week, President Bola Tinubu sought the National Assembly’s approval to borrow foreign loans worth $24.14 billion to finance critical projects across various sectors of the economy.
His demand, which drew the ire of many concerned Nigerians when approved, is expected to put the country’s total debt at N183 trillion and further impoverish the citizens.
Even the Centre for Social Justice (CSJ) raised concerns that Tinubu’s new loan request breaches the provisions of the Fiscal Responsibility Act (FRA).
