World Bank Approves $500m Loan For Nigeria’s Agriculture Sector

The World Bank has approved a $500 million International Development Association (IDA) credit for Nigeria to boost agricultural productivity, strengthen value chains, and improve food security under a new programme tagged the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) Project.

This was disclosed in a statement published on the bank’s website, where it outlined the objectives and expected impact of the initiative on Nigeria’s agriculture sector.

The financing is aimed at addressing long-standing structural challenges in Nigeria’s agriculture sector, where low productivity, climate shocks, and weak market access have continued to limit output despite the sector remaining the country’s largest employer.

The statement read, “The World Bank has approved a $500 million International Development Association (IDA) credit for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) Project, aimed at increasing smallholder farmers’ productivity, strengthening agricultural value chains, and creating jobs while improving food and nutrition security.”See more, details. .