The recent announcement last Thursday of Muhammad Abu Ibrahim’s appointment as the Executive Secretary of the National Agriculture Development Fund (NADF) by President Bola Ahmed Tinubu has generated optimism regarding increased funding for agriculture investors and farmers nationwide.
Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, made this announcement through a State House Press Release on Thursday, October 19th, endorsing Mr. Muhammed Abu Ibrahim to serve as the Executive Secretary and Chief Executive Officer of NADF.
President Tinubu envisions that the new leadership at NADF will effectively eliminate obstacles to accessing funding for established stakeholders across the country, furthering the Renewed Hope Agenda’s goal of achieving self-sufficiency in local food production and eventual surplus for export.
Nigeria’s agricultural sector, despite its immense potential, has struggled due to insufficient funding. Inconsistent budget allocations have been a significant issue, with funding levels fluctuating in recent years.
To address this, the National Agricultural Development Fund was established in 2022. The fund’s financing sources include a government grant, a percentage of various revenue streams, and appropriations from the National Assembly.
The fund’s objectives include supporting agricultural policies, strengthening agriculture institutions, providing funds to farmers and corporate entities, and establishing special agricultural zones to enhance food production.
Muhammad Abu Ibrahim’s appointment as the Executive Secretary of NADF has received positive reactions from stakeholders who believe his background in agricultural finance and innovation will greatly benefit the agricultural sector.
Ultimately, the success of NADF will depend on its ability to attract and effectively utilize resources for the development of agriculture, contributing to food security and the growth of the Nigerian economy.
