The National Agricultural Development Fund (NADF), has flagged off its blended on-lending financing partnership with Psaltry International Company Limited, aimed at empowering women in Oyo State.
This is coinciding with the company’s 20th anniversary celebrations at its plant Awaye, Oyo State.
The initiative, supported by Mastercard Foundation and IDH, aims to empower 12,000 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 per cent of the total funding, while the Mastercard Foundation provides 49 per cent.
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.
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The Executive Secretary of NADF, Mohammed Ibrahim, 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,” Ibrahim 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.
Food Security
Ibrahim said the initiative also aligns with the food security and sovereignty drive under the Renewed Hope Agenda of President Bola Tinubu’s administration.
He added that by promoting local cassava production, processing and value addition, the partnership would strengthen domestic food supply, reduce reliance on imports, and empower rural women economically.
Mohammed Ibrahim was represented at the event by Mr Abiodun Sosanya, the General Manager, Corporate Services of the NADF.
The FCMB MD/CEO, Yemisi Edun, who was represented by the Executive Director of Wholesale Banking, Obaro Odeghe, 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,” Yemisi stated.
Also, the Founder and CEO of Psaltry International, Oluyemisi Iranloye 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. 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,” Iranloye noted.
The Deal
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.
Over the years, Master Card Foundation in collaboration with stakeholders in the agriculture sectors have been empowering Nigerian farmers, especially women, youth and persons with disabilities to enhance their production.
Confidence Okwuchi