By our reporter 4.11.2025
The government of President Bola Tinubu is eyeing a $500 million World Bank loan facility to accelerate agricultural development, strengthen rural economies, and create jobs across Nigeria.
Minister of Agriculture and Food Security, Abubakar Kyari, disclosed this during a meeting with a World Bank delegation led by Hardwick Ichale, head of Agriculture Value Chains for Growth (AGROW Project), in Abuja.
According to Kyari, the facility supports President Bola Tinubu’s Renewed Hope Agenda, promoting food security and economic diversification.
In 2024, Nigeria secured a $500 million loan from the World Bank to enhance livestock production, commercialization, and resilience through the Livestock Productivity and Resilience Support Project (L-PRES).
During late President Mohamadu Buhari’s regime Nigeria also went for the loan that was disbursed to farmers to boost rice production, but accordint to reports, a majority of the farmers did not utilise the loan for the purpose it was meant. Some of the farmers married more wives, while others invested the money into other schemes.