₦airaland Forum

The World Bank has approved a $500 million credit facility for Nigeria via the International Development Association (IDA) to assist implementation of the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project.

According to a statement on the bank’s website, the initiative aims to increase smallholder farmers’ productivity, strengthen agricultural value chains, and create jobs.

Per the statement, “Agriculture remains Nigeria’s largest source of employment, yet low productivity, limited access to quality inputs, climate shocks, and weak market linkages for smallholder farmers have constrained its potential to generate better jobs and affordable food.

“Many smallholder farmers remain trapped in subsistence farming, while food and nutrition insecurity continues to affect millions of Nigerians.”

The World Bank said the AGROW project will provide support to agribusinesses that commit to sourcing from smallholder farmers through a results-based matching grant scheme.

The intervention will focus on aggregation, post-harvest handling, agro-processing, and improved market access across priority value chains such as rice, maize, cassava, and soybeans.

According to Mathew Verghis, the World Bank country director for Nigeria, “AGROW is a transformative step for Nigeria’s agriculture, empowering smallholder farmers, unlocking private sector–led growth, and strengthening food security in a sustainable way.”

“This project is expected to benefit up to one million smallholder farmers, mobilise significant private investment and increase yields across targeted crops. At the same time, it will help to ensure improved food and nutrition security and greater resilience to climate shocks among farmers in participating states,” Verghis said.




SOURCE
https://x.com/NaijaphiliaBlog/status/2041263927644864729

Hope this will get to the farmer. After removal of petrol subsidy, thought we would enough funds to fund initiatives ourselves than taking loans.