FG gets $500m World Bank loan to boost agriculture

The Federal Government has secured a $500m loan facility from the World Bank to accelerate growth across Nigeria’s agricultural value chains, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda for food security and rural industrialization.

According to the Minister of Agriculture and Food Security, Senator Abubakar Kyari, the loan would catalyse the growth of Nigeria’s agricultural ecosystem.

Kyari made this known during a courtesy visit by a World Bank delegation led by the Head of the Agriculture Value Chains for Growth (AGROW Project), Hardwick Ichale, held recently at the ministry’s conference room in Abuja.

According to the minister, the facility would help close long-standing gaps in smallholder farming by enhancing connectivity across the agricultural ecosystem.

He said the World Bank’s $14bn, six-year Agri-Connect initiative aims to link farmers, processors, markets, and financial systems, ensuring stronger value chains, expanded agro-processing capacity, and improved rural livelihoods.

“The World Bank’s support will strengthen our agricultural base by improving connectivity across production, processing, and marketing systems. This is about turning smallholder farming into profitable, sustainable agribusiness,” Kyari said.

He noted that the initiative would support farmer aggregation, market linkages, and the integration of micro-, small- and medium-sized enterprises into key value chains, while promoting accountability and transparency to maximize impact.

Kyari reaffirmed that the intervention aligns with President Tinubu’s priorities under the Renewed Hope Agenda, particularly in food security, job creation, and rural industrialization.

He added that the Agri-Connect project would complement ongoing Federal Government programmes, including the Special Agro-industrial Processing Zones, to catalyse rural agro-industrial growth and expand opportunities for youth and women in agribusiness.

In his remarks, the World Bank’s Head of Delegation, Hardwick Ichale, said the Agriculture Value Chains for Growth Project would unlock Nigeria’s agribusiness potential by improving productivity, creating jobs, and promoting inclusive government.