NADF Secures N3.4 Million Surplus for Non-Interest Farming

The National Agricultural Development Fund (NADF) is advancing its efforts to expand non-interest financing options for farmers and agribusinesses to tackle funding constraints in Nigeria's agricultural value chain. This initiative follows the receipt of a surplus of N3.4 million from Jaiz Takaful Insurance Limited, linked to an insurance arrangement that covers agricultural and investment risks.

Ibrahim Shehu, the managing director of Jaiz Takaful Insurance Limited, visited Mohammed Abu Ibrahim, the executive secretary of NADF, in Abuja to present the confirmation of this surplus from the 2024 financial year. Shehu explained that this payment fulfilled an agreement made when NADF subscribed to the Takaful cover, allowing eligible participants to share in any surplus generated.

NADF is currently validating its non-interest finance framework and guidelines to provide structured engagement with licensed non-interest financial institutions, aiming to develop financing options that cater to the diverse needs of farmers and agribusinesses.