How NADF Collabos NOVA Bank, FMN to Launch N1.5billon Pilot Program….details
The National Agricultural Development Fund (NADF), in collaboration with NOVA Bank and Flour Mills of Nigeria (FMN), has launched a pilot program worth N1.5 billion. This initiative aims to aid 1,500 small-scale maize farmers in Kaduna State.
The project, part of the National Agricultural Development Programme (NADP-1), seeks to develop 1,500 hectares of agricultural land and expand its reach to 10,000 farmers by the conclusion of this year’s rainy season.
During the official launch in Abuja on Wednesday, the Executive Secretary of NADF, Mohammed Abu Ibrahim, characterized the partnership as a significant achievement in the fund’s mission to enhance smallholder productivity and fortify agricultural value chains.
He said, “The NADP-1 has been designed to align with national priorities, especially the renewed hope, food security and market priority agenda of the current government as led by President Bola Ahmed Tinubu GCFR.”
This collaboration represents the inaugural allocation from NADF’s on-lending facility. Both Nova Bank and FMN Agro have been commended for their dedication to fostering innovation in agricultural finance.
Dr. Sadiq Usman, the Managing Director of FMN Agro, provided an explanation for selecting both maize and Kaduna for the initial pilot project.
He said, “Kaduna produces 20% of Nigeria’s maize and is home to highly productive farmers. It’s a perfect ground for demonstrating how better seeds, nutrition, and agronomy practices can boost yields.
“This facility supports our core mission of transforming farmer profitability. A factory without a farm is scrap metal, and a farm without a factory is just wheat.
Uzoma Ayonmike, Group Head of Corporate Banking, highlighted that, “Agriculture is a cornerstone of national growth. We are proud to be the first financial institution to disburse under the NADF pilot phase.”
Olalekan Alabi, who leads the Investment team at NADF, stated that the Fund is actively examining further applications to broaden the scope of the initiative.