The National Agricultural Development Fund (NADF) has inaugurated a blended on-lending partnership with Psaltry International, targeting the empowerment of 12,000 young women in cassava cultivation across Oyo State’s rural communities.

The Executive Secretary of NADF, Mohammed Ibrahim, disclosed this to journalists in Abuja on Sunday, reaffirming the fund’s commitment to boosting agricultural growth, socio-economic development, and inclusive empowerment for women across Nigeria’s farming sector.

Represented by Abiodun Sosanya, General Manager, Corporate Services, Mr Ibrahim said the first phase would directly engage 12,000 women, with the programme ultimately reaching 45,000 beneficiaries by the conclusion of the multi-year initiative.

Mr Ibrahim stated that NADF would contribute N798 million, representing 51 per cent of total funding, while the Mastercard Foundation provided 49 per cent through the NADF Blended Finance On-Lending Programme (NADFBFP) for structured agricultural financing.

He stated, “The financing will support the cultivation of 2,400 hectares of cassava, engaging women farmers through Psaltry’s structured network of outgrowers and ingrowers, ensuring productivity, efficiency, and inclusion in Nigeria’s agricultural value chain.

“FCMB will serve as the participating financial institution, facilitating smooth fund disbursement and complementing Mastercard Foundation’s financing of farmers’ input requirements to ensure timely access to quality inputs for cassava production.”

Mr Ibrahim explained that the programme guaranteed markets through backward integration, reduced production costs with subsidised lending, and promoted value addition for locally grown cassava, aligning with national priorities and boosting economic opportunities for women.

“The initiative also 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,” he stated.

The FCMB Chief Executive Officer, Yemisi Edun, described the partnership as transformative, emphasising that funding 2,400 hectares of cassava under the collaboration would scale production and bridge Nigeria’s agricultural finance gap significantly.

Mr Edun, represented by Executive Director, I will Obaro Odeghe, highlighted that the programme illustrated the power of public-private partnerships in repositioning agriculture as a key economic driver and promoting structured financing for smallholder farmers.

Founder and CEO of Psaltry International, Oluyemisi Iranloye, noted that the inauguration coincided with Psaltry’s 20-year anniversary, marking a milestone in empowering women while enhancing local cassava production and agro-industrial capacity.

Ms Iranloye said 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,” she said.

Mr Iranloye emphasised that the combination of public sector support, private banking guarantees, and backing from international foundations provided a scalable model for investment, productivity, and economic inclusion in Nigeria’s agricultural sector.(NAN)