The World Bank has approved a $200 million loan to Nigeria to support the government’s effort to boost small and mid-scale farmers.
The loan from the International Development Association, the Bank’s low-interest arm, has a maturity of 25 years with a grace period of five years.
According to the Bank,
“Priority value chains will include products with potential for immediate improvement of food security, products with a potential for export and foreign currency earnings.
The funds will help tackle low yields, lack of seed capital to set up agro-factories, low-level adoption of technology and limited access to markets.