Fresh hope for farmers as World Bank unveils $500m Plan

The World Bank has approved a $500 million loan to support smallholder farmers in Nigeria.

The money will come through its lending arm, the International Development Association (IDA), and will be used for a project called AGROW (Nigeria Sustainable Agricultural Value-Chains for Growth).

The project aims to help farmers produce more food, improve the way agricultural products are processed and sold, and create jobs.

The World Bank explained that agriculture is the biggest employer in Nigeria, but many farmers still struggle. Problems like low productivity, lack of quality farming inputs, climate change, and poor market access have made it hard for farmers to succeed.

As a result, many remain stuck in subsistence farming, and food shortages still affect millions of people.

Through the AGROW project, agribusiness companies will receive support if they agree to buy produce from smallholder farmers.

The focus will be on key crops such as rice, maize, cassava, and soybeans. The project will also improve storage, processing, and market access.

In addition, the initiative will strengthen agricultural research and extension services. Farmers will get better seeds that can withstand climate change, and a national digital database of farmers will be created.

Farmers will also benefit from digital advisory services, including local weather updates to help them plan their farming activities and improve productivity.

The project will also improve the regulation of seeds and fertilisers, increase the supply of quality seeds, and encourage private companies to invest in agriculture. It will also promote transparent land investments.

The World Bank said special attention will be given to women and young people, ensuring they are included in the programme.

Mathew Verghis, the World Bank’s country director for Nigeria, described the project as a major step forward. He said it will help farmers grow more food, attract private investment, and improve food security in a sustainable way.

The project is expected to benefit up to one million smallholder farmers across Nigeria.

It will run for six years, from 2026 to 2032, and is also expected to attract an additional $220 million in private investment.