Business
AUDA-NEPAD Disburses N600m Grant To Smallholder Farmers in 7 States
Joel Ajayi
National Coordinator of the African Union Development Agency-New Partnership for Africa’s Development ,AUDA-NEPAD, Hon. Jabiru Salisu Abdullahi, has announced that the agency will disburse N600 million to seven pilot states to support smallholder farmers across Nigeria in 2025.
This initiative aims to enhance agricultural activities, address poverty, low productivity, and resource limitations in the sector.
The pilot states include Bauchi, Cross River, Osun, Yobe, Abia, and Imo.He made this announcement during a one-day roundtable meeting of state Commissioners for Agriculture/State Coordinators with the National Coordinator/Chief Executive Officer at the maiden stakeholders meeting for the Smallholder Farmers Programme yesterday in Abuja.
According to him, this is a direct grant from AUDA-NEPAD to support the efforts of smallholder farmers.
He stated: “The total amount being disbursed to the seven pilot states is N600 million, which will be shared equally among the states. States that show additional interest can provide up to N3 billion, depending on the number of smallholder farmers.
“At AUDA-NEPAD Nigeria, we recognize that smallholder farmers are at the core of our nation’s agricultural sector. Their resilience drives food production, sustains rural economies, and significantly contributes to our GDP.”
However, persistent barriers such as limited access to finance, inadequate infrastructure, climate change, and market constraints continue to hinder their full potential. This initiative was created to tackle these challenges head-on, ensuring that smallholder farmers not only survive but thrive.
“Our commitment to agricultural transformation across Africa is unwavering. Through this support, the initiative is backed by a substantial grant, reinforcing the shared vision of a food-secure, economically vibrant, and resilient Nigeria.
“Let me be clear, this is not merely funding; it is an investment in our farmers and our future. Strict monitoring mechanisms will be in place to ensure that every aspect of the initiative is effectively implemented, with full accountability and transparency. The funds must translate into real, measurable impacts, increased productivity, improved livelihoods, and a stronger agricultural value chain.
“The Smallholder Farmers Initiative aims to create a self-sustaining agricultural ecosystem by: providing access to finance and credit for smallholder farmers; developing rural infrastructure, including storage and irrigation facilities; promoting climate-smart agricultural sustainability for the long term; creating direct market linkages to improve farmers’ incomes; and integrating technology and digital solutions for efficient farming.
“This initiative aligns with Agenda 2063 of the African Union and Nigeria’s Renewed Hope Agenda, ensuring that smallholder farmers are not left behind but are empowered as key players in national development”.He also emphasized that AUDA-NEPAD Nigeria is fully committed to ensuring that the funding provided results in tangible outcomes.
“The expectations are high, and so is our resolve. Our goal is clear: to transform agriculture into a thriving, competitive, and resilient sector. Together, we can empower millions of Nigerian farmers, ensuring that this initiative creates lasting economic and social impact”.
In her opening remarks, the Assistant Director for Programme Development and Implementation at AUDA-NEPAD, Hajia Fatimah Abubakar , provided an overview of the Smallholder Farmers Programme in the selected states across Nigeria.
She explained that the pilot states were carefully selected based on agricultural potential, needs, and alignment with national and AUDA-NEPAD agricultural priorities, with a focus on food security.
She stated that the programme reflects the agency’s unwavering commitment to support the agricultural sector and empower the hardworking men and women who form its foundation the smallholder farmers.
“The Smallholder Farmers Programme is more than just a grant. It is a partnership between us, the selected state governments, and AUDA-NEPAD Nigeria, and most importantly, the hardworking smallholder farmers who are the backbone of Nigeria’s agricultural economy. By investing in them, we are investing in a more prosperous, food-secure future for Nigeria”.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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