The Executive Secretary, National Agricultural Development Fund (NADF), Mr. Muhammed Ibrahim has disclosed that the organisation collaborated with Psaltry International Company Ltd, a leading cassava processing company in Africa, to guarantee market for small-holder farmers, eliminate post-harvest loss and strengthen national food security.
He said this at the flag-off ceremony of the NADF-FCMB’ s support for the Psaltry -IDH-Mastercard initiative to empower 15,000 young women in cassava cultivation in Oyo State, which held over the weekend at Psaltry’s plant, Alayide village, Awaye in Iseyin local government.
Ibrahim, who was represented at the event by Mr Abiodun Sosanya, the General Manager, Corporate Services, said the collaboration was based on the need to promote advancement of women and youth in commercially-viable smallholder cassava farming under the Psaltry/IDH in-grower program.
He added that NADF’s mission is to be the leading development fund for agricultural growth, sustainability and economic prosperity, “this is with a vision to harness the transformative power of agricultural development for socioeconomic growth, by providing support and inclusive financing in a sustainable manner.
“In achieving our mandate, the NADF partners with critical stakeholders which include Agro-processors, financial institutions, farmer aggregators, development agencies and smallholder farmers among others, towards ensuring improved food security in Nigeria.
“This collaboration seeks to support the working capital needs of Psaltry International Limited through the cultivation of cassava through a dedicated network of outgrower/ingrower farmers for off-taking and processing by Psaltry under the National Agricultural Development Fund’s Blended Finance On-Lending Programme (NADFBFP),” he pointed.
In her words, the Managing Director/ Chief Executive Officer of First City Monument Bank (FCMB), Mrs Yemisi Edun, appreciated NADF for supporting Psaltry towards empowering young women in cassava cultivation of 2000 hectares of cassava under the initiative supported by Mastercard and IDH.
Edun, who was represented at the occasion by the Executive Director, Wholesale Banking of FCMB, Mr O. Obaro Odeghe hinted that the funding intervention would enable Psaltry International scale up its cassava-based sorbitol production, adding that NADF’s effort by addressing Nigeria’s agricultural finance challenge was repositioning the important sector as a cornerstone of the nation’s economy, contributing directly to GDP, employment and income.
The Managing Director and Chief Executive Officer of Psaltry International Company Ltd., Mrs Oluyemisi Iranloye appreciated the NADF and other major stakeholders that supported the initiative to empower women farmers to achieve sustainable prosperity in the sector, saying the funding was targeted at cultivating 2400 hectares of cassava by 15,000 young women, as the fund would cover plowing, fertilizer, chemicals among other inputs.
“So this collaboration is supposed to impact a total of 15,000 women between the ages of 18‑35 and 45,000 women by the end of the programme.
From cassava we produce food grain, starch, high‑quality cassava flower, sorbitol and glucose for Nigerian companies. It will also provide import substitution for these companies so they can reduce imports and purchase locally at a profitable, competitive price.
NADF is fulfilling its mandate with programmes like this, and they can also escalate outreach to other stakeholders, this year we’ve cultivated 6,000 acre, new farms, good farm and the project is even reaching people with disabilities. Internally displaced persons and youth are among those being impacted,” Iranloye said.
Under the NADF Blended Finance On-Lending Programme (NADFBFP) is contributing #798million, representing 51percent of the total funding, while the Mastercard Foundation provides 49 percent while 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.
