World Bank approves $500m credit for Nigeria’s agricultural value chains

The World Bank has approved a 500-million-dollar credit facility to support Nigeria’s agricultural sector under a new programme targeting smallholder farmers and value chains.

 

The funding, provided through the International Development Association, will finance the Nigeria Sustainable Agricultural Value Chains for Growth Project, also known as AGROW.

 

According to the World Bank, the initiative aims to boost productivity, strengthen market linkages, create jobs, and improve food and nutrition security across the country.

 

The programme will support agribusinesses working with smallholder farmers, focusing on key areas such as aggregation, agro-processing, post-harvest handling, and market access. Priority crops include rice, maize, cassava, and soybeans.

 

It will also enhance access to improved seeds and fertilisers, strengthen research and extension services, and introduce a national digital registry for farmers.

 

The World Bank noted that Nigeria’s agricultural sector, despite being the largest employer, continues to face challenges including low productivity, limited access to inputs, and climate-related shocks.

 

Speaking on the initiative, the World Bank Country Director for Nigeria, Mathew Verghis, described the project as a transformative step expected to benefit up to one million smallholder farmers and attract significant private investment.

 

The six-year programme, scheduled to run from 2026 to 2032, is also expected to mobilise additional funding from the private sector and improve resilience to climate change.