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

The World Bank has approved a $500 million loan aimed at boosting Nigeria's agriculture sector through the Nigeria Sustainable Agricultural Value Chain Growth (AGROW) project. This initiative is designed to tackle long-standing structural challenges, including low productivity, climate shocks, and weak market access, which have limited agricultural output despite the sector being the largest employer in Nigeria.

The project will focus on improving productivity for smallholder farmers and enhancing their linkages to markets. It is expected to benefit millions of smallholder farmers by mobilizing significant private sector investment in the agricultural value chain.

The AGROW project will prioritize key staple crops such as rice, maize, cassava, and soybean, and will also strengthen agricultural research and extension systems. The six-year project, running from 2026 to 2032, aims to attract an additional $220 million in private agribusiness investment and is part of a broader effort to transition Nigeria's agriculture from subsistence to a commercially viable sector.