World Bank Approves $500m to Fix Nigeria’s Agriculture

World Bank Approves $500m to Fix Nigeria’s Agriculture

The World Bank has approved a $500m credit to repair Nigeria’s underperforming agricultural sector. This fresh injection of capital from the International Development Association targets the chronic low productivity that plagues smallholder farmers. Dubbed the AGROW project, the scheme aims to turn subsistence plots into commercially viable businesses. It arrives at a time of deep…

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Nigerian Rice Industry Crumbles as Imports Hit N51bn

Nigerian Rice Industry Crumbles as Imports Hit N51bn

Nigeria spent N51 billion ($34.4 million) on foreign rice in 2024, signaling a sharp reversal of the self-sufficiency gains claimed by the previous administration. Data from UN Comtrade confirms that local rice has become uncompetitive against cheaper imports. High production costs and expensive energy are pricing Nigerian farmers out of their own market. President Bola…

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