World Bank Approves $200 Million Loan for Nigerian Farmers

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.

About 60,000 individuals will benefit directly from the funding, of which 35 percent are women. About 300,000 farming households will be affected indirectly.”