World Bank’s $500 Million Loan Will Boost Nigeria’s Agribusiness Sector – Kyari
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari has stated that the $500 million loan facility from the World Bank would accelerate development in the agriculture ecosystem in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda in the Agricultural sector.
The Minister made the disclosure when a World Bank delegation led by the Head, Agriculture Value Chains for Growth (AGROW PROJECT), Hardwick Ichale, paid him a courtesy visit in his office in Abuja recently.
Kyari stated that the Bank’s $14 billion six year agri – connect initiative would address long-standing gaps in smallholder farming by improving connectivity across the entire agricultural value chain.
He added that the initiative aims to improve connectivity between farmers, processors, markets, and financial systems, ensuring stronger value chains, expanded agro-processing capacity, and improved rural livelihoods.
In a statement by Ezeaja Ikemefuna, Agric Ministry’s Head of Information, the Minister revealed that the programme would support farmer aggregation, market linkages, and the integration of micro, small, and Medium-Scale enterprises (MSMEs) into key agricultural value chains.
He stressed the importance of organised farmer participation, transparency, and effective oversight to guarantee accountability and maximise impact.
Sen. Kyari further reaffirmed that the intervention aligns with the strategic priorities of President Bola Ahmed Tinubu, particularly under the renewed national drive for food security, rural industrialisation, and job creation.
According to him, Agri-Connect would complement ongoing Federal Government programmes, including the Special Agro-Industrial Processing Zones (SAPZs), to catalyse rural agro-industrial growth and expand opportunities for youth and women in agribusiness.
Earlier in his remarks, World Bank’s Head of delegation, Hardwick Ichale said that the Agriculture Value Chains for Growth (AGROW Project) would drive Nigeria’s Agribusiness sector, unlocking doors of job creation for the youth and women, inclusivity, and enhancing productivity.
Ichale highlighted that the project would focus on specific value chains such as Rice, Maize, Soyabean, and Cassava. “The key purpose is to enable farmers to see farming as a business.” He emphasized
