NADF, FCMB partner to support women cassava farmers in Oyo

The National Agricultural Development Fund (NADF) officially flagged off its blended on-lending financing partnership with Psaltry International Company Limited over the weekend, coinciding with the company’s 20th anniversary celebrations at its plant in Alayide village, Awaye, Iseyin Local Government Area, Oyo State.

The initiative, supported by Mastercard Foundation and IDH, a global organisation that brings together public and private stakeholders to make agricultural markets more sustainable and inclusive, aims to empower 12,000 young women in cassava cultivation in its first phase, with plans to reach 45,000 women by the end of the programme.

Under the NADF Blended Finance On-Lending Programme (NADFBFP), NADF is contributing N798 million, representing 51 percent of the total funding, while the Mastercard Foundation provides 49 percent.

The financing will cover the cultivation of 2,400 hectares of cassava, targeting direct engagement of 12,000 women farmers through Psaltry’s structured network of outgrowers and ingrowers. First City Monument Bank (FCMB) is the participating financial institution to facilitate smooth fund disbursement.

Mohammed Ibrahim, executive secretary of NADF, represented by Abiodun Sosanya, general manager of Corporate Services, highlighted 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,” he said.

He emphasised that the programme ensures timely access to quality inputs, guarantees markets through backward integration, reduces production costs through subsidised lending, and promotes value addition of locally grown cassava.

The initiative also aligns with the food security and sovereignty drive under the Renewed Hope Agenda of President Bola Tinubu’s administration, demonstrating how structured agricultural finance can support national priorities.

By promoting local cassava production, processing, and value addition, the partnership strengthens domestic food supply, reduces reliance on imports, and empowers rural women economically.

Yemisi Edun, managing director of FCMB, who was represented by Obaro Odeghe, executive director of Wholesale Banking, described the partnership as transformative.

“This initiative is funding the cultivation of 2,400 hectares of cassava under the NADF–Mastercard Foundation–FCMB collaboration. It enables Psaltry to scale up cassava and sorbitol production while addressing Nigeria’s agricultural finance gap. NADF’s support demonstrates the power of purposeful public-private partnerships in repositioning agriculture as a key economic driver,” Edun noted.

Oluyemisi Iranloye, founder of Psaltry International, reflected on the dual significance of the day. “As we celebrate 20 years of Psaltry, this collaboration will impact 15,000 women initially and 45,000 by the end.”

Adding that, “From cassava we produce food grain, starch, high-quality cassava flour, sorbitol and glucose for Nigerian companies. It provides import substitution, strengthens local supply chains, and supports youth, internally displaced persons and people with disabilities. Today’s milestone reaffirms our commitment to inclusive growth and sustainable agriculture.”

The deal illustrates NADF’s strategy of catalysing blended finance to de-risk agricultural value chains, provide structured financing for smallholder farmers, and propagate raw material supply for agro-industries.

By combining public sector backing, private banking guarantees, and international foundation support, the initiative sets a model for scalable investment in Nigeria’s agricultural sector, enhancing both productivity and economic inclusion.