AfDB approves Nigeria’s US$650 million loan request for agriculture development

Nigeria farmersNigeria is set to receive a loan of US$650mn from the Africa Development Bank (AfDB) to assist small- and medium-scale enterprises in the agriculture value chain

Peter Sturheit, country programme officer of the bank’s field office in Nigeria, said that the bank would be issuing two loans - US$500mn to the Bank of Industry (BoI) and US$150mn to the Nigeria Export and Import bank (NEXIM).

At a two-day Stakeholders’ Workshop on the AfDB-assisted Agriculture Value Chain Income Enhancement Programme, Sturheit explained that the bank would also be backing the value chain through the development of infrastructure.

“The Nigerian government has requested a line of credit to Bol and Nexim Bank to be made available to small and medium scale enterprises under the agriculture value chains in addition to funding regional projects and to add value to the selected arable crops,” Sturheit remarked. 

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