News

November 30, 2022

Agribusiness: Agricultural Commodities Association hails Buhari over signing Nat’l Agricultural Development Fund Bill into Law

…as farmers, commodity associations to have seamless access to financial interventions

By Gabriel Ewepu

ABUJA- As agribusiness unarguably remains the largest space and panacea to unemployment amidst daunting challenges plaguing the economy, forum for Agricultural commodities Association Presidents, FACAP, Wednesday, hailed President Muhammadu Buhari, over signing of the long awaited National Agricultural Development Fund, NADF, Bill into Law.

In a statement signed by Chairman, FACAP, Sadiq Daware, described the President’s assent as a quantum leap in the history of the nation’s agricultural sector as it opens a new vista for practicing farmers and commodities’ associations as far as food production, food security, job creation and foreign exchange generation are concerned.

Daware also commended National Assembly members for the passage of the Bill into Law in the overall interest of Nigerians who are largely livestock and crop farmers including stakeholders in the agricultural space.

He pointed that signing of the NADF bill, proved Buhari’s deep commitment and passion about farmers and other stakeholders’ plight as it will change the narrative very soon.

Meanwhile, with strong optimism, he added that with the NADF, the gateway to access funds and financial backup will be seamless for farmers and commodity associations with no bureaucratic encumbrances they being experienced frustrated with in the banking system.

In his explanation, this intervention alone is a landmark achievement in the agricultural sector under the Buhari-led administration, which is a great legacy that would be left behind in the anal of history, hence farmers would never forget or take for granted.

President Muhammadu Buhari, signed the Bill seeking the establishment of National Agricultural Development Fund (NADF) into an Act which contained in an Official Gazette of the Federal Republic of Nigeria published in October 30, 2022, with Number 192 and Volume 109 that was certified by the clerk of the two Houses.

According to the statement, “Part of the way the new NADF will be funded by Law includes derivation from 0.5 per cent of Natural Development Resources Fund and five per cent of the duty levied on import rice, wheat, sugar, milk, poultry and fish.

“The Federal, State and Local Governments of the Federation are to give take-off grant, Special Intervention Fund as such money must be appropriated to meet the requirements of the Act establishing NADF by the National Assembly in the budget.

“The NADF Governing Board shall consist of the chairman, and representative from federal Ministries of Finance, Budget, Planning, and Federal Ministry of Agriculture and Rural Development (FMARD), Federal Ministry of Science and Technology with others from Federal Inland Revenue Service, Farmers’ representatives, and major stakeholders in the agricultural sector.

“On 27th of July 2022, the Upper and Lower Houses of the National Assembly approved the setting up of the National Agricultural Development Fund, NADF, as financial intervention institution to support strategic aspect of the sector’s development towards meeting up with the inadequate funding of agriculture sector.”