NADF and Cross River Unite for Agricultural Finance Initiative

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NADF and Cross River Unite for Agricultural Finance Initiative

Key Developments in Agricultural Finance and Policy

The National Agricultural Development Fund (NADF) has taken a significant step towards enhancing agricultural finance in Cross River State. The Executive Secretary of NADF, Mohammed Abu Ibrahim, recently met with the Governor of Cross River State, Bassey Otu, to explore the development of a subnational non-ISPO de-risking mechanism. This initiative aims to expand access to agricultural finance within the state.

The NADF delegation was accompanied by its technical partners, Propcom+, led by Country Director Adiya Ode. This collaboration highlights the importance of partnerships in driving sustainable agricultural growth.

Governor's Support and Technical Committee Formation

Governor Otu welcomed the initiative and directed the State Ministry of Agriculture and Irrigation to establish a technical committee. This committee will work alongside NADF and Propcom+ to review and adapt the de-risking framework. The goal is to ensure that the framework meets the needs of local stakeholders and supports the state’s agricultural priorities.

In his remarks, the Executive Secretary of NADF, Mohammed Ibrahim, commended the state government for its forward-looking policies. He specifically highlighted the creation of the Cross River State Agricultural Development Fund. This fund is designed to stimulate the commercialisation of agriculture and improve access to finance for both smallholder farmers and agribusinesses.

Ibrahim also mentioned Project Grow, an initiative aimed at empowering agribusinesses, MSMEs, and smallholder farmers across the 18 LGAs of the state. This project underscores the state's commitment to fostering economic growth through agriculture.

Research and Innovation in Agriculture

Another key point discussed during the meeting was the governor’s commitment to research and innovation. This is evident through the establishment of an Institute for Agricultural Research (IAR) substation in the state. Ibrahim noted that such an initiative would strengthen evidence-based agricultural development and enhance primary production.

This focus on research and innovation is crucial for developing sustainable agricultural practices and improving productivity. It also aligns with broader national goals of food security and sovereignty.

Aligning with National Objectives

Ibrahim reaffirmed his commitment to working closely with other subnational governments. He emphasized that states play a crucial role in achieving President Bola Ahmed Tinubu’s Renewed Hope Agenda on food security and sovereignty. This agenda aims to transform agriculture into a key driver of economic growth and stability.

He added that the NADF remains determined to support initiatives that align with national objectives while empowering farmers, strengthening value chains, and promoting sustainable agricultural transformation.

Lessons from the Brazilian Model

Ibrahim concluded by describing Cross River’s approach as akin to the Brazilian model of agricultural transformation. In Brazil, strong state-level leadership, innovative financing, and technology-driven farming converge to deliver inclusive growth and lasting food security.

This comparison highlights the potential for Cross River State to become a model for agricultural development in Nigeria. By leveraging its resources and partnerships, the state can create a sustainable agricultural ecosystem that benefits all stakeholders.

Conclusion

The collaboration between NADF and Cross River State represents a promising step towards achieving food security and sustainable agricultural growth. With the establishment of a technical committee and the focus on research and innovation, the state is well-positioned to drive meaningful change in the agricultural sector.

As the initiative progresses, it will be essential to monitor its impact and ensure that it meets the needs of local farmers and agribusinesses. The success of this partnership could serve as a blueprint for similar efforts in other states across Nigeria.


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