Nigeria has secured a fresh $500 million funding package from the World Bank to strengthen its agricultural sector, with a focus on improving productivity, expanding value chains, and tackling food insecurity across the country.
The financing, provided through the International Development Association, will drive the Nigeria Sustainable Agricultural Value Chains for Growth program, a six-year initiative targeting smallholder farmers and agribusinesses.
The project aims to improve yields, enhance market access and stimulate private sector investment in key staples such as rice, maize, cassava and soybeans.
The News Chronicle understands that the intervention is designed to move Nigeria’s agriculture beyond subsistence by linking farmers directly to processors and markets, while also addressing long standing challenges such as poor inputs, weak infrastructure and limited financing.
Under the plan, agribusinesses that source from local farmers will receive support through matching grants, while investments will be made in post-harvest handling, storage, and processing.
The initiative will also introduce digital tools, including a national farmer registry and advisory services to improve planning and resilience to climate shocks.
Up to one million farmers are expected to benefit, with an additional $220 million in private investment projected to flow into the sector.
The program comes at a time when Nigeria is under pressure to stabilize food supply and reduce rising food prices, positioning agriculture as a key driver of jobs, growth, and economic stability.
