Abuja:The Federal Government has introduced the Youth Entrepreneurship for the Future of Food and Agriculture (YEFFA) program to foster economic growth and expand opportunities for young Nigerians in the agricultural sector.
According to News Agency of Nigeria, Sen. Aliyu Abdullahi, the Minister of State for Agriculture and Food Security, announced the launch of YEFFA in Abuja, highlighting its alignment with President Bola Tinubu’s Renewed Hope Agenda. This agenda focuses on empowering youth as key participants in economic development.
The program aims to address major challenges such as access to finance, with ongoing reforms at the Bank of Agriculture (BOA) targeting these obstacles. Additionally, the National Agricultural Insurance Corporation (NAIC) is implementing measures to help farmers withstand climate-related shocks. The minister emphasized the importance of agriculture for national development and noted that food security is now a constitutional priority.
Abdullahi expressed gratitude to the Mastercard Foundation and the Alliance for Green Revolution in Africa (AGRA) for supporting the YEFFA Nigeria program. He confirmed the ministry’s commitment to collaborate with these organizations, while BOA has pledged to provide matching funds for the initiative.
Rosy Fynn, Country Director of the Mastercard Foundation, stated that the foundation will focus on enhancing young Nigerians’ access to finance and markets, viewing youth as essential to Nigeria’s food security. She mentioned that the program will address issues such as limited access to finance and post-harvest losses, and young agripreneurs will be involved in governance structures to ensure accountability.
Furthermore, Ayotunde Sotinrin, Managing Director of BOA, announced that the bank will reform its financing model to better serve young people and support the agricultural value chain. BOA has a history of financing farmers and rural enterprises, and it aims to link finance with extension services and guaranteed markets to empower young entrepreneurs.
Sotinrin highlighted the importance of investing in the youth, given that over 70% of Nigerians are under 30 years old. He assured that BOA is working to make public agricultural finance more equitable and accessible for young people.