The Federal Government has signed a $158.15 million financing pact to revolutionalise the agriculture sector for the Value Chain Programme (VCN) in the North.

With the signing of the agreement, the implementation of the $158.15 million VCN project began immediately to support agriculture value chain development and value addition for farmers in nine northern states.

The initiative was cofunded by the International Fund for Agricultural Development (IFAD), the French Development Agency (AFD), and the Federal Government.

The eight-year initiative, validated on March 21, 2024, was conceived following Vice President Kashim Shettima’s request during UNFSS stocktaking in Rome on July 24 2023, that IFAD should scaleup its portfolio in Nigeria and mobilise additional partners and donors to support the agri-food transformation and food security of the Renewed Hope Agenda.

It is expected to sustainably reduce poverty, enhance nutrition and better resilience of rural and most vulnerable populations in the nine northern states, which include Borno, Bauchi, Kano, Katsina, Kebbi, Jigawa, Sokoko, Yobe and Zamfara.

Shettima at the signing ceremony at the Presidential Villa described the initiative as a product of critical thinking about the economic reality of the northern region.

He said: “It is a declaration of faith in the North— not as a region of deficits, but as a place of abundance.

“It also invites us to play our part in fulfilling the promise to reduce poverty, nourish our people, and restore dignity to farming families across Bauchi, Borno, Jigawa, Katsina, Kebbi, Sokoto, Kano, Yobe, and Zamfara.

“What has brought us together today is an investment of $158.15 million, co-financed by the International Fund for Agricultural Development (IFAD), the Agence Française de Développement (AFD), the Federal Government of Nigeria, and other stakeholders.”