World Bank approves $500M credit for Nigeria
Analysis based on 16 articles · First reported Apr 01, 2026 · Last updated Apr 02, 2026
The approval of a $500 million credit by the World Bank Group to Nigeria is expected to positively impact Nigeria's agricultural sector, potentially leading to increased productivity, job creation, and improved food security. This could enhance investor confidence in Nigeria's economic stability and growth prospects, particularly within its agricultural value chains.
The World Bank Group approved a $500 million International Desalination and Reuse Association credit for Nigeria's Sustainable Agricultural Value Chains for Growth Project (AGROW). This six-year initiative, running from 2026 to 2032, aims to boost smallholder farmers' productivity, strengthen agricultural value chains, create jobs, and enhance food and nutrition security in Nigeria. The project will support agribusinesses through matching grants, focus on key crops like rice, maize, cassava, and soybeans, and improve agricultural research, extension services, and access to climate-resilient seeds. Mathew Verghis, World Bank Group Country Director for Nigeria, highlighted the project's transformative potential, expecting it to benefit up to one million smallholder farmers and attract an additional $220 million in private agribusiness investment. This credit adds to Nigeria's substantial external debt, with its total exposure to the World Bank Group Group standing at $19.54 billion as of September 30, 2025.
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