The Federal Government of Nigeria has secured a $500m loan facility from the World Bank to accelerate growth across Nigeria’s agricultural value chains, in line with President Bola Tinubu’s Renewed Hope Agenda for food security and rural industrialisation.
The statement by the Head of the Department of Information at the Ministry of Agriculture, Ezeaja Ikemefuna, on Tuesday in Abuja said that the Minister of Agriculture and Food Security, Senator Abubakar Kyari, stated that the loan would catalyse the growth of Nigeria’s agricultural ecosystem.
According to the statement, Kyari disclosed during a courtesy visit by a World Bank delegation led by the Head of the Agriculture Value Chains for Growth (AGROW Project), Hardwick Ichale, recently at the ministry in Abuja.
The minister explained that the facility would help close long-standing gaps in smallholder farming by enhancing connectivity across the agricultural ecosystem.
He added that the World Bank’s $14bn, six-year Agri-Connect initiative aims to link farmers, processors, markets, and financial systems, ensuring stronger value chains, expanded agro-processing capacity, and improved rural livelihoods.
“The World Bank’s support will strengthen our agricultural base by improving connectivity across production, processing, and marketing systems. This is about turning smallholder farming into profitable, sustainable agribusiness,” Kyari said.
He noted that the initiative would support farmer aggregation, market linkages, and the integration of micro-, small- and medium-sized enterprises into key value chains, while promoting accountability and transparency to maximise impact.
Kyari reaffirmed that the intervention aligns with President Tinubu’s priorities under the Renewed Hope Agenda, particularly in food security, job creation, and rural industrialisation.
According to the minister, the Agri-Connect project would complement ongoing Federal Government programmes, including the Special Agro-industrial Processing Zones, to catalyse rural agro-industrial growth and expand opportunities for youth and women in agribusiness.
In his remarks, the World Bank’s Head of Delegation, Hardwick Ichale, said that the Agriculture Value Chains for Growth Project would unlock Nigeria’s agribusiness potential by improving productivity, creating jobs, and promoting inclusivity.
“The key purpose is to enable farmers to see farming as a business,” Ichale said, adding that the project would prioritise key value chains such as rice, maize, soybean, and cassava.
GIK/APA