World Bank approves $200 million credit to boost Nigeria's Agriculture and Livelihood

The World Bank has approved a $200 million loan to support the Nigerian government's efforts to boost livelihoods and the agricultural sector. The loan, which is meant to assist small and medium scale farmers, has a maturity of 25 years and a grace period of five years.

The International Development Association (IDA), the low-interest unit of the World Bank, facilitated the loan which is expected to directly benefit almost 60,000 Nigerians. The agency said 35% of this figure will be women. The funding is also projected to indirectly impact almost 300,000 farming households, according to the Bank. Youth and women businesses involved in horticulture, poultry and aquaculture will benefit from the funds.