Tinubu’s Government Seeks ¥15bn Loan From Japan To Improve Food Security

President Bola Tinubu is in talks with the Japan International Cooperation Agency (JICA) to speed up the ¥15 billion ($110 million) emergency loan aimed at tackling food insecurity across Nigeria.

This was revealed in a statement from the Federal Ministry of Finance following a high-level meeting involving Finance Minister Wale Edun, Agriculture and Food Security Minister Abubakar Kyari, and top JICA officials.

According to the ministry, the emergency loan is meant to strengthen Nigeria’s food production systems and help the country cope with ongoing challenges like rising inflation and global supply chain issues.

“The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, today met with senior representatives of the Japan International Cooperation Agency to advance the implementation of the Food Security Emergency Loan Support Programme.

“The JPY 15bn facility (approximately $110m) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges,” the ministry said in the statement.

With the rainy season already underway—a critical period for agriculture—both ministers emphasized the need for quick and coordinated action so that farmers and rural communities receive timely support.

“Both ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities,” it stated.

During the meeting, JICA reaffirmed its support for the program but requested official clarification on a few changes Nigeria proposed for how the loan would be implemented.

It was agreed that farming activities would start right away under the current plan, while other parts of the program, such as financing and produce aggregation, would be reviewed to ensure they align with the original loan terms.

“JICA welcomed the government’s commitment to delivery and requested formal clarification on proposed implementation adjustments,” the statement read.

“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.”

According to the Debt Management Office, Nigeria currently owes JICA about $53.31 million, which makes up a small fraction of its total foreign debt. If this new loan goes through, the country’s debt to the Japanese agency will rise to about $163.31 million.

This development follows President Bola Tinubu’s recent request to the National Assembly for approval of a new $21.5 billion external borrowing plan as part of Nigeria’s 2025–2026 budget framework.