On Monday, 31st of July, 2023, the President of the Federal Republic of Nigeria, President Bola Tinubu held a nation-wide broadcast to address the difficult economic conditions and high cost of living. In his address, he largely touched on the effects of the new policy measures put in place to combat the serious economic challenges the nation has long faced. He went on to brief the nation of palliative measures being put in place to cushion the harsh economic realities along with plans for infrastructural projects to aid economic growth.

As such, we’re reviewing the real estate highlights from the President’s National Address.

 

Support Farmers with N200 billion and the provision of 500,000 hectares (ha) of farmland

The administration plans to  support farmers by providing 500,000 hectares of farmland. In addition, N200 billion allocated for farming aid will be allocated as follows:

•  Invest N50 billion each to cultivate 150,000 hectares of rice and maize.
• N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

 

The plan is targeted at small-holder farmers and will be implemented by leveraging proven large-scale private sector players within the agricultural sector.

 

Approval of Infrastructure Support Fund to revive healthcare and educational infrastructure

The President also went on to announce the approval of the Infrastructure Support Fund for all states to revive the decaying healthcare and educational infrastructure nation-wide. In addition, the fund will also target improvements to rural access roads to aid transportation of farm produce to markets.

 With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

 

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