The Council of State met on Thursday and agreed that funding for agriculture be increased from the current $200 million to $1 billion to aid diversification and ensure food security.
Ogun State Governor Ibikunle Amosun, while addressing State House reporters, said the money would be disbursed through the Anchor Borrower Programme and other existing initiatives.
"CBN in collaboration with the Ministries of Agriculture and Trade and Investment. all of them are putting heads together to help our small and medium scale enterprises. All these our small holder farmers, we are helping them now.
"Indeed, it was even mentioned that the $1 billion may not be okay, we are looking at maybe $2 billion, but of course, $1 billion will be the starting point," Amosun said.
Jigawa State Governor Abubakar Badaru said livestock would also benefit from the $1 billion support.
He said the fund would be given as credit to farmers to develop their own businesses with a view to boosting the economy.
He said it would also act as import substitution mechanism" so that we will stop to import milk, beef, chicken and all those things that come into the country.
"So, it is not purely designed to support the rich livestock producers, but to support the movement of those existing herdsmen that cause this problem and these clashes."
Anambra State Governor Willey Obiano said the council approved the appointments of two non-legal practitioners to the Federal Judicial Service Commission, a commissioner of the Independent National Electoral Commission and 23 members of the National Population Commission.
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