World Bank Approves $500 Million Loan to Boost Nigeria's Agriculture
The World Bank has approved a $500 million concessional loan for Nigeria to enhance its agricultural sector, targeting smallholder farmers and agribusinesses. The funding, provided through the International Development Association (IDA), will support the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project from 2026 to 2032. The initiative aims to improve farm productivity, strengthen value chains, and create jobs, addressing food insecurity and low productivity. The project will focus on key crops like rice, maize, cassava, and soybeans, providing matching grants to agribusinesses and investing in research and extension services.