The Federal Government has announced plans to provide between N1bn and N2bn in financing to each of 40 selected tertiary institutions to establish commercial agricultural ventures.
The initiative is aimed at increasing food production, creating employment opportunities and helping universities and other higher institutions generate revenue beyond government allocations.
The Minister of Education, Dr Tunji Alausa, disclosed the plan during a meeting with heads of the selected institutions and officials of the Bank of Agriculture to discuss the implementation of the Renewed Hope Tertiary Agricultural and Entrepreneurship Programme.
According to a statement issued on Tuesday, the programme is expected to mobilise more than 500,000 hectares of underutilised land across tertiary institutions for commercial farming, agricultural research and enterprise development.
Alausa said participating universities, polytechnics and colleges of education would be expected to make available about 1,000 hectares each. However, institutions with smaller landholdings could also participate if they presented viable business proposals.
Under the proposed arrangement, each institution would establish a limited liability company to work with the Bank of Agriculture, which would provide financing ranging from N1bn to N2bn for farming activities and related inputs.
The minister said the programme was designed to address the underuse of agricultural land in tertiary institutions by providing access to funding, machinery, technical support and other resources needed for commercial production.
Participating institutions are also expected to benefit from access to 10 tractors each at reduced costs through the government’s agricultural mechanisation initiative.
Other support would include improved seedlings, farm implements, irrigation equipment, water pumps, fertilisers and technical expertise.
The programme is expected to involve students, unemployed graduates, alumni, academic and non-academic staff, as well as residents of host communities.
The government said the initiative would combine agricultural production with entrepreneurship and research, while creating opportunities for members of the participating institutions and surrounding communities.
Deborah Adeyefa
