World Bank Approves $500M Loan for Nigeria's Agriculture

The World Bank has approved a $500 million loan for the Nigerian government, specifically aimed at enhancing agricultural productivity and strengthening value chains through the Agrow project. This initiative is designed to tackle long-standing structural challenges in Nigeria's agricultural sector, such as low productivity, climate shocks, and weak market access.

The project will focus on boosting smallholder farmer productivity, improving market linkages, and creating jobs to sustain food and nutrition security. According to Mathew Verghi, the initiative is expected to benefit millions of smallholder farmers and unlock significant private sector investments across the agricultural value chain.

The six-year program, scheduled to run from 2026 to 2032, will deploy a results-based matching grant system to support agribusinesses directly linked to farmers. Key focus areas include major staple crops like rice, maize, cassava, and soybean.

The project also aims to strengthen agricultural research and extension services and improve access to climate-resilient seeds.