Lagos Farmers Welcome $500m World Bank Loan, Seek Transparency

Farmers in Lagos State have expressed optimism over the proposed 500 million dollar loan to Nigeria’s agriculture sector by the World Bank.

The farmers, however, called for transparency and proper implementation of the facility.

The bank is expected to approve the loan in March 2026 to boost food production, strengthen value chains and create jobs across participating states.

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The fund will be sourced from the International Development Association, the World Bank’s concessional lending arm for developing countries.

The project will be implemented by the Federal Ministry of Agriculture and Food Security in collaboration with participating states, with the Federal Government as borrower.

Reacting, the acting Chairman of the All Farmers Association of Nigeria (AFAN), Lagos State Chapter, Mr Shakin Agbayewa, described the loan as a welcome development.

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He said the facility was timely, considering inflation and the high cost of accessing credit locally.

Agbayewa, however, stressed that effective execution remained the major concern.

“If implemented properly, the loan will boost local production across inputs, logistics, processing and value addition,” he said.

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He urged authorities to channel disbursement through AFAN’s existing national, state and local structures to ensure targeted delivery to genuine farmers.

On his part, an agriculture analyst, Mr Omotunde Banjoko, also called for transparency in the loan’s disbursement.

Banjoko said past interventions were often directed at specific regions or subsectors, leaving many farmers without access.

He added that stakeholders were waiting for full details of the implementation framework to understand the targeted sectors and the sharing formula.

Both experts emphasised that while the loan holds promise, its impact will depend largely on transparency and proper execution.