World Bank Approves $500 Million Credit to Boost Nigeria's Agriculture Sector
The World Bank has sanctioned a $500 million credit facility aimed at enhancing Nigeria's agricultural sector. This funding, provided through the International Development Association (IDA), is designated for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project, which will run from 2026 to 2032. The initiative seeks to address challenges such as rising food prices and low agricultural productivity by supporting approximately one million smallholder farmers. The project aims to increase agricultural productivity, strengthen value chains, improve national food security, and create jobs in farming and agribusiness. Key focus areas include major staple crops like rice, maize, cassava, and soybeans. The program will also provide matching grants to agribusinesses, invest in processing and storage, and improve access to quality seeds and fertilizers.