Abuja: The National Agricultural Development Fund (NADF) has inaugurated a blended on-lending partnership with Psaltry International, aimed at empowering 12,000 young women in cassava cultivation across rural communities in Oyo State.
According to News Agency of Nigeria, the Executive Secretary of NADF, Mohammed Ibrahim, shared this development with newsmen in Abuja, highlighting the fund’s commitment to enhancing agricultural growth, socio-economic development, and inclusive empowerment for women within Nigeria’s farming sector. Represented by Abiodun Sosanya, General Manager of Corporate Services, Ibrahim mentioned that the first phase would engage 12,000 women, with the programme ultimately benefiting 45,000 participants by the end of the multi-year initiative.
Ibrahim explained that NADF is contributing N798 million, representing 51 percent of the total funding, while the Mastercard Foundation is providing the remaining 49 percent through the NADF Blended Finance On-Lending Programme (NADFBFP) for structured agricultural financing. This financing will support the cultivation of 2,400 hectares of cassava, engaging women farmers through Psaltry’s network of outgrowers and ingrowers to ensure productivity and inclusion in Nigeria’s agricultural value chain.
FCMB will act as the participating financial institution, facilitating smooth fund disbursement and complementing the Mastercard Foundation’s financing of farmers’ input requirements to ensure timely access to quality inputs for cassava production. Ibrahim also noted that the programme guarantees markets through backward integration, reduces production costs with subsidised lending, and promotes value addition for locally grown cassava, aligning with national priorities and boosting economic opportunities for women.
The initiative supports the food security and sovereignty goals under President Bola Tinubu’s Renewed Hope Agenda, demonstrating how structured agricultural finance can strengthen domestic food supply and reduce Nigeria’s dependence on imports. FCMB Chief Executive Officer, Yemisi Edun, described the partnership as transformative, noting that funding 2,400 hectares of cassava would significantly scale production and address Nigeria’s agricultural finance gap.
Represented by Executive Director Obaro Odeghe, Edun highlighted the programme’s demonstration of the power of public-private partnerships in repositioning agriculture as a key economic driver and promoting structured financing for smallholder farmers. Oluyemisi Iranloye, Founder and CEO of Psaltry International, observed that the inauguration coincided with Psaltry’s 20-year anniversary, marking a milestone in empowering women and enhancing local cassava production and agro-industrial capacity.
Iranloye stated that the programme would initially impact 15,000 women and expand to 45,000, producing food grains, starch, high-quality cassava flour, sorbitol, and glucose, supporting import substitution and strengthening domestic supply chains. The initiative also targets youth, internally displaced persons, and persons with disabilities, demonstrating Psaltry and NADF’s commitment to inclusive growth, sustainable agriculture, and the creation of socioeconomic opportunities in rural communities.
Iranloye emphasized that the combination of public sector support, private banking guarantees, and backing from international foundations provides a scalable model for investment, productivity, and economic inclusion in Nigeria’s agricultural sector.