Nigeria’s agricultural sector is set for a major boost as the federal government announced that a $500 million World Bank loan facility will accelerate growth and investment across the nation’s agricultural value chains.
Abubakar Kyari, minister of Agriculture and Food Security, said the intervention would drive sustainable agribusiness development and support President Bola Tinubu’s Renewed Hope Agenda for food security, job creation, and rural industrialisation.
Kyari disclosed this during a courtesy visit by a World Bank delegation led by Hardwick Ichale, head, Agriculture Value Chains for Growth (AGROW Project), at the ministry’s headquarters in Abuja.
According to the minister, the World Bank’s broader $14 billion six-year Agri-Connect initiative will target gaps in smallholder farming and strengthen links between farmers, processors, markets, and financial institutions.
“This facility will support farmer aggregation, expand market linkages, and integrate micro, small, and medium-scale enterprises (MSMEs) into key agricultural value chains,” Kyari said. “We expect stronger value chains, higher agro-processing capacity, and improved rural livelihoods.”
The initiative, he explained, complements ongoing government programmes such as the Special Agro-Industrial Processing Zones (SAPZs), which are designed to attract private sector investment and promote youth and women participation in agribusiness.
Kyari emphasised the importance of transparency, accountability, and organised farmer participation to ensure effective use of the funds and measurable outcomes.
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In his remarks, Ichale said the AGROW Project would focus on high-impact value chains including rice, maize, soybean, and cassava, with a strong emphasis on productivity, inclusion, and commercialisation.
“The key purpose is to enable farmers to see farming as a business,” Ichale stated, noting that the initiative aims to unlock opportunities for job creation and private sector expansion within Nigeria’s agribusiness landscape.
The project is expected to enhance the competitiveness of Nigeria’s agricultural sector, boost export potential, and attract both local and international private investments in agro-processing and logistics infrastructure.
