Lagos farmers excited over World Bank $500 million loan

Lagos farmers have expressed joy over the World Bank’s proposed $500 million loan to the Nigerian agriculture sector, while calling for appropriate implementation.

The World Bank plans to approve a new $500 million loan to Nigeria in March 2026.

The agriculture experts made the call in separate interviews on Wednesday in Lagos. The fund will be disbursed to improve agriculture, increase food production, strengthen value chains, and create jobs in different states.
The entire $500 million will come from the International Development Association, the World Bank’s arm that provides low-interest loans to developing countries.

With the federal government as a borrower, the project will be carried out by the Federal Ministry of Agriculture and Food Security and participating states.

Reacting to the proposed loan, the acting chairman of the All Farmers Association of Nigeria, Lagos chapter, Shakin Agbayewa, who described the loan as a welcome development, called for transparency in its implementation.

He said the farmers were afraid of execution and implementation of the loans. An agriculture analyst and farmer, Omotunde Banjoko, called for transparency in the disbursement of the loan.

“This World Bank loan is workable if disbursed appropriately, but the challenge is always how it is disbursed, so we wait until we see the full details.

The question we ask is how these funds have been used, because in the past, they would tell you the funds are directed towards areas where they are having security issues in the North.

“Most of the interventions have always been going in that direction. What we have noticed is that most times, the loan is not entirely for all farmers in Nigeria. It is always directed towards specific subsectors at times.

“So, we want to get the details to know what area they are targeting. There has never been transparency in all these funds. So, we have $500 million, but I am not even sure $1 million goes to the farmers,” Mr Banjoko said. 
(NAN)