Nigeria Secures $500m World Bank Loan to Boost Agricultural Value Chains and Food Security
The Federal Government of Nigeria has sealed a $500 million loan agreement with the World Bank to strengthen agricultural value chains and accelerate food security initiatives under President Bola Ahmed Tinubu’s Renewed Hope Agenda. The funding aims to modernize the nation’s farming systems, promote rural industrialization, and improve livelihoods across farming communities.
In a statement released on Tuesday by the Ministry of Agriculture’s Department of Information, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the facility would serve as a major catalyst for agricultural transformation. The announcement followed a meeting in Abuja with a World Bank delegation led by Hardwick Ichale, Head of the Agriculture Value Chains for Growth (AGROW) Project.
According to Kyari, the loan is designed to address long-standing challenges faced by smallholder farmers by enhancing connectivity across the agricultural ecosystem—from production and processing to marketing and distribution. He explained that the World Bank’s $14 billion, six-year Agri-Connect initiative will strengthen farmer linkages, expand agro-processing capacities, and promote financial inclusion across rural areas.
“The World Bank’s support will strengthen our agricultural base by improving connectivity across production, processing, and marketing systems,” Kyari stated. “This is about turning smallholder farming into profitable, sustainable agribusiness.” He further emphasized that the initiative would foster transparency and accountability while supporting micro, small, and medium-sized enterprises (MSMEs) to play active roles in key value chains.
Hardwick Ichale reaffirmed the World Bank’s commitment to unlocking Nigeria’s agribusiness potential through productivity enhancement, job creation, and inclusivity. “The key purpose is to enable farmers to see farming as a business,” Ichale said, noting that the project would focus on vital crops such as rice, maize, soybean, and cassava. Both parties pledged continued collaboration to boost agricultural competitiveness and achieve long-term food security and rural prosperity in Nigeria.
source: punch