Copyright bizwatchnigeria
Nigeria’s agricultural sector is set for a significant boost as the Federal Government has announced that a $500 million World Bank loan will accelerate investment and competitiveness across key agricultural value chains. The Minister of Agriculture and Food Security, Abubakar Kyari, said the intervention forms part of President Bola Tinubu’s Renewed Hope Agenda on food security, job creation, and rural industrialisation. Kyari spoke in Abuja during a courtesy visit by a World Bank team led by Hardwick Ichale, Lead for Agriculture Value Chains for Growth (AGROW). He noted that the loan is within the framework of the World Bank’s broader $14 billion, six-year Agri-Connect initiative, which aims to close productivity gaps in smallholder farming and strengthen linkages between farmers, processors, markets, and financial services. “This facility will support farmer aggregation, expand market linkages, and integrate micro, small and medium enterprises into priority value chains,” Kyari said. “Our expectation is to see stronger processing capacity, more efficient value chains, and improved livelihoods in rural communities.” He added that the initiative aligns with ongoing government programmes, including the Special Agro-Industrial Processing Zones (SAPZs), which are designed to attract private investment and promote youth and women participation in agribusiness. Kyari further stressed the need for transparency, accountability, and organised farmer cooperatives to ensure optimum utilisation of the funding. In his remarks, Ichale said the AGROW Project will target high-impact commodity chains — including rice, maize, soybean, and cassava — with emphasis on commercialisation, productivity, and inclusion. “The goal is to enable farmers to see farming as a business,” Ichale said, adding that the initiative is expected to unlock jobs and attract greater private sector investment in agro-processing and logistics. The project is expected to deepen Nigeria’s export potential and enhance the overall competitiveness of the agricultural sector.
