NADF seeks to empower 12,000 women in cassava farming

The National Agricultural Development Fund (NADF) has launched its blended on-lending financing partnership with Psaltry International Company Limited.

The initiative, supported by Mastercard Foundation and IDH, aims to empower 12,000 young women in cassava cultivation in its first phase, with a target of reaching 45,000 women by the end of the programme.

Under the NADF blended finance on-lending programme, the fund is contributing N798 million, representing 51 percent of the total financing, while the Mastercard Foundation provides 49 percent.

The scheme will fund the cultivation of 2,400 hectares of cassava and directly engage 12,000 women farmers through Psaltry’s structured network of outgrowers and ingrowers, with FCMB serving as the participating financial institution to facilitate disbursement.

Mohammed Ibrahim, executive secretary of NADF, represented by Abiodun Sosanya, general manager of corporate services, said the programme reflects the fund’s commitment to agricultural growth and socio-economic development.

“This collaboration seeks to support the working capital needs of Psaltry International through the cultivation of cassava by a dedicated network of farmers, while complementing Mastercard Foundation’s financing of the farmers’ input requirements,” Ibrahim said.

He said the initiative ensures timely access to quality inputs, guarantees markets through backward integration, reduces production costs through subsidised lending, and promotes value addition using locally grown cassava.

He added that the programme aligns with the food security and sovereignty agenda of the Tinubu administration and demonstrates how structured agricultural finance can drive national priorities.

The scheme is expected to boost local cassava production, strengthen domestic food supply, reduce import dependence, and expand economic opportunities for rural women.

Yemisi Edun, managing director of FCMB, represented by Obaro Odeghe, executive director of wholesale banking, described the project as transformative.

“This initiative is funding the cultivation of 2,400 hectares of cassava under the NADF–Mastercard Foundation–FCMB collaboration,” Edun said.

“It enables Psaltry to scale up cassava and sorbitol production while addressing Nigeria’s agricultural finance gap.”

She said NADF’s intervention demonstrates the value of purposeful public-private partnerships in repositioning agriculture as an economic driver.

Oluyemisi Iranloye, founder and CEO of Psaltry International, said the partnership would strengthen the company’s value chain on a day marked by its 20th anniversary.

“As we celebrate 20 years of Psaltry, this collaboration will impact 15,000 women initially and 45,000 by the end,” Iranloye said.

“From cassava we produce food grain, starch, high-quality cassava flour, sorbitol and glucose for Nigerian companies.”

She said the initiative supports import substitution, strengthens local supply chains, and empowers youth, internally displaced persons and people with disabilities.