The National Agricultural Development Fund (NADF) has signed a co-financing agreement of N5 billion with the Niger State Government.

This agreement will see both parties partner to trigger large-scale rice and maize production in Niger state.

Executive secretary of the NADF, Muhammed Ibrahim announced this partnership in a statement on Tuesday.

It is a 50-50 partnership with the NADF and the Niger state government both bringing N2.5 billion each, to fund a large-scale cropping venture.

The initiative will finance over 4,000 hectares and 4,000 smallholder farmers in three local government areas in Niger state.

In addition to providing the funds, NADF will also provide technical advice to the beneficiaries, as well as monitor and evaluate the progress of the project, the PUNCH reports.

At the point of harvest, Niger Foods Company will off-take the products from the participants, and take them to the market.

Speaking about the project, Niger state governor, Ibrahim Umaru Bago said that the initiative would boost food production and enhance food security for indigenes of the state.

Bago praised the strategic importance of the deal and projected that this initiative would produce more than 20,000 tons of rice and maize, create employment at several levels, and help smallholder farmers build wealth.

He added that the project is in line with President Bola Tinubu’s renewed hope agenda.

Rice is a product in high demand, and the National Bureau of Statistics recorded that the price grew more than 152% within a year.

Recall that the federal government had sold bags of locally produced rice at a unit price of N40,000 in a bid to ensure food security for Nigerians.

Umaru Bago stated; "We have abundant resources, water bodies, and arable land – and we must put them to productive use. This initiative, anchored by Niger Foods, represents a bold step in the right direction."

The event had several industry players present including the Managing Director of Niger State Foods Company. The Niger State Government had earlier signed a funding agreement in 2024 involving all key stakeholders - Niger Foods Company, NADF and the Niger State government.