The World Bank says it has approved a $500 million credit facility for Nigeria through the International Development Association (IDA) to support the implementation of the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project.
In a statement on its website, the bank said the initiative
is designed to increase smallholder farmers’ productivity, strengthen
agricultural value chains, and create jobs.
“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,” the statement reads.
“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,” the bank said.
The Washington-based institution added that the initiative
will also strengthen agricultural research and extension services, expand
access to improved and climate-resilient seeds, and establish a national
digital farm and farmer registry.
“Farmers are expected to benefit from digital advisory
services, including localised weather and climate information to boost
productivity and resilience,” the financial institution said.
In addition, the World Bank said the project will seek to
improve seed and fertiliser regulatory systems, expand early-generation seed
supply, and enhance private sector participation in the production of
high-quality inputs.
“It will also promote transparent and responsible land-based
investments,” the Bretton Woods institution said.
“Strong coordination, monitoring, and citizen engagement
mechanisms will be deployed to ensure accountability and inclusion,
particularly for women and youth.”
Speaking on the development, Mathew Verghis, World Bank
country director for Nigeria, described AGROW as a “transformative step” for
Nigeria’s agriculture sector.
“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,” Verghis said.
“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.”
The international lender also said the six-year project,
scheduled to run from 2026 to 2032, is expected to attract an additional $220
million in private agribusiness investment.
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