In a statement released on Thursday, the World Bank announced it had approved $500 million in financing through the International Development Association (IDA) to boost Nigeria's agricultural sector.

The World Bank states that this financing will support the Nigerian Sustainable Agricultural Value Chain for Growth (AGROW) project, which aims to improve productivity, strengthen business linkages, and create jobs across the country. "The World Bank has approved a $500 million credit from the International Development Association for the Nigeria Sustainable Agricultural Value Chain for Growth project, aiming to increase smallholder farmer productivity, strengthen agricultural value chains, and create jobs while improving food and nutrition security," the institution stated.

The AGROW project will support agribusinesses that source from smallholder farmers through a results-based matching grant mechanism. According to the statement, the initiative will focus on aggregation, post-harvest handling, agro-processing, and improved market access, prioritizing key crops including rice, maize, cassava, and soybeans.