Business
Implement Maputo Declaration On Agric, Group Urges FG
The Association of Small-Scale Agro-Producers in Nigeria (ASSAPIN) has appealed to the Federal Government to implement the provisions of the Maputo Declaration on the agricultural sector.
The National President of the association, Hajia Amina Jibrin, made the appeal at the inauguration of the association on Friday in Abuja.
The Maputo Declaration, signed by African leaders in 2003, recommends that individual government should allocate 10 percent of its annual national budget to the agricultural sector to enhance its growth and development.
Jibrin noted that the commitment was also reaffirmed in the 2010 Abuja Declaration, explaining that the idea was to develop a strong agricultural base to ensure food security on the continent.
She noted with regret that from the 12 percent allocated to the sector in 2009, Nigeria backtracked to 3.7 percent in 2010, adding that the development had revealed government’s failure to accord the sector priority attention.
Jibrin urged the federal and state governments to establish agencies for the small-scale agro-producers sector to foster rapid agricultural development.
She also urged the government to lead the way in facilitating agricultural investment, by investing in the provision of accessible extension services to small-scale farmers across the country.
Jibrin reminded small-scale farmers of the need to form associations so as to engage “strategically and constructively” with government in order to benefit from its programmes and initiatives that were aimed at improving their livelihood.
Sen. Gbenga Babalola, the Deputy Chairman, Senate Committee on Agriculture, said the committee would support the association through the evolvement of necessary legislative framework.
“ The small-scale farmers are the people feeding the nation; their capacity needs to be developed.
“The small-scale farmers should also focus on women, because they represent 70 per cent of local and rural farmers who are the backbone of the nation. All they need are good structures on ground to tackle their challenges,’’ he said.
Babalola challenged the association to monitor and follow up on government’s spending on the agricultural sector to ensure that budgetary allocations were judiciously deployed for the achievement of specific objectives.
He declared: “We cannot put 10 per cent of budgetary allocations where it will not be used for the purpose it is meant, and at the end of the day, we are back to square one.
“The objective is not only about allocating money, but where it is going to. We need to create the appropriate capacity to be able to monitor the money to ensure that it is put where it belongs.”
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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