In a bid to bolster Nigeria’s food security, the Federal Government has strengthened its collaborative initiative with the Japan International Cooperation Agency (JICA). This partnership is aimed at supporting the country’s food production systems and enhancing resilience amid global supply challenges. 

The initiative took a significant step forward today as the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun and the Honourable Minister of Agriculture and Food Security, Senator Abubakar Kyari, met with senior representatives of JICA to advance the implementation of the Food Security Emergency Loan Support Programme.

The JPY 15 billion facility (approximately $110 million) aims to support Nigeria’s food production systems and enhance resilience amid ongoing global supply challenges. With the rainy season now underway, both Ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities. 

JICA welcomed the government’s commitment to delivery and requested formal clarification on proposed implementation adjustments. It was jointly agreed that core production activities would proceed immediately under the existing framework, while additional components, such as aggregation and financing, would be reviewed in line with the original loan agreement.

This partnership underscores the commitment of both governments to addressing food security challenges and improving the livelihoods of millions of Nigerians, while also driving economic growth and development in the country.

A delegation from Renaissance Africa Energy Company Limited (RAEC) today paid a courtesy visit to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his office in Abuja, as part of ongoing engagement with strategic indigenous players in Nigeria’s energy sector.

The delegation was led by Dr. Layi Fatona, Chairman of RAEC, alongside Engr. Tony Attah, the company’s Managing Director and Chief Executive Officer. The purpose of the visit was to formally brief the Minister on RAEC’s recent acquisition and operational takeover of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria.

During the meeting, the RAEC leadership shared key updates, highlighting that since assuming control of the assets, the company has ramped up production to over 200,000 barrels per day—a major milestone for both RAEC and the broader Nigerian oil and gas industry.

Dr. Fatona and Engr. Attah reaffirmed RAEC’s full alignment with the Federal Government’s economic priorities, particularly in revenue generation, job creation, and upstream expansion. They reiterated their long-term commitment to community engagement and responsible energy development.

In his remarks, Minister Edun warmly welcomed the delegation and applauded the operational strides made by RAEC. He noted that the increasing participation of Nigerian-owned companies in key sectors reflects a broader shift toward homegrown solutions and inclusive economic growth.

The Minister reiterated President Bola Tinubu’s commitment to fostering a level playing field for all private sector actors and stressed the importance of sustained collaboration between government and industry to deliver long-term value to the nation.

The meeting concluded with a shared understanding of the vital role indigenous firms like RAEC will play in Nigeria’s energy transition and macroeconomic advancement.

The Federal Ministry of Finance welcomes the recent decision by Moody’s Investors Service to upgrade Nigeria’s Issuer ratings from Caa1 to B3, with a stable outlook, citing significant improvements in Nigeria’s external and fiscal positions. 

This decision reflects growing domestic and international confidence in Nigeria’s ongoing economic reforms and improvements in the country’s fiscal and external positions under the administration of President Bola Ahmed Tinubu. It follows a similar upgrade

 by Fitch Ratings, which recently raised Nigeria’s credit rating from ‘B-’ to ‘B’, with a stable outlook. 

This marks the second positive rating action by Moody’s since the beginning of President Tinubu’s administration, following its previous upgrade from Caa1 Stable to Caa1 Positive in December 2023. Moody’s stated that the latest upgrade was driven

 by the Nigerian government’s commitment to correcting macroeconomic imbalances, enhancing fiscal transparency, and implementing structural reforms. The agency highlighted key measures such as tax reforms and the adoption of a more flexible, market driven foreign

 exchange regime, which it says, *has greatly bolstered external reserves.”*

*We are encouraged by Moody’s recognition of our reform agenda,* said Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy. *This positive outlook reflects our* *administration’s determination and the tremendous work being carried* *out across*

 *various Ministries, Departments, and Agencies (MDAs)— including our monetary policy authorities at the Central Bank of Nigeria (CBN) — to stabilize the economy, attract investment, and ensure inclusive and sustainable growth for all Nigerians.*

Since taking office, the Tinubu-led administration has implemented tough but necessary policy measures to tackle long-standing economic challenges. These include enhanced revenue mobilization, improved public financial management, and strategic partnerships

 to unlock infrastructure financing and increase private sector participation. 

The upgrade of Nigeria’s sovereign rating is particularly timely as the government focuses on accelerating rapid, sustained, and inclusive growth, supported by both domestic and foreign private investment. In partnership with the Central Bank of Nigeria, the Ministry

 of Finance remains committed to preserving macroeconomic stability, ensuring debt sustainability, and maintaining sound fiscal management. The government will continue to collaborate with both domestic and international partners to boost investor confidence

 and enhance Nigeria’s global credit standing.