The Federal Government of Nigeria has completed arrangements to access a $500 million loan facility from the World Bank, a funding package targeted at boosting agricultural productivity, value addition, and market linkages across the country. The loan aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which places food security, rural industrialisation, and job creation at the heart of national economic priorities.
This was confirmed in Abuja through a statement by the Ministry of Agriculture and Food Security’s Head of Information, Ezeaja Ikemefuna, after a meeting between the Minister of Agriculture, Senator Abubakar Kyari, and a World Bank delegation led by Hardwick Ichale, head of the Agriculture Value Chains for Growth (AGROW) programme.
Kyari stated that the funding would address core limitations that have slowed the transformation of Nigeria’s agricultural sector, including poor access to markets, weak value chain coordination, and limited agro-processing capacity. He explained that the support forms part of the World Bank’s broader $14 billion Agri-Connect Initiative, a multi-year programme designed to link smallholder farmers with processors, financial systems, and regional markets.
He added that Nigeria’s participation in the programme will enable stronger farmer aggregation systems, improved storage and transportation, and integration of small and medium agro-enterprises into major value chains such as rice, maize, soybean and cassava. According to him, this is expected to unlock commercial opportunities for youth and women, reduce post-harvest losses, and promote transparency and competitiveness within the sector.
“This intervention is a major step towards shifting millions of farmers from subsistence to profitable, modern agribusiness models,” Kyari said, assuring that the programme will complement existing federal initiatives like the Special Agro-Industrial Processing Zones (SAPZ) and other private sector-driven agriculture investments.
In his remarks, Ichale noted that the World Bank believes Nigeria has the capacity to become a dominant agro-industrial hub on the continent, stressing that unlocking the country’s agricultural potential is critical to creating jobs, stabilising food prices, and diversifying national revenue.
Disbursement and implementation plans are expected to begin once due diligence processes and project documentation are concluded.
Source:Africa Publicity
