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Home»Loans»₦800m Agric Loan – Farmers to Benefit

₦800m Agric Loan – Farmers to Benefit

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IFC, the largest global development institution focused on the private sector in emerging markets, has agreed to issue $18 million in debt financing to Robust International (Robust), a Singapore based agricultural company with operations across the Asia-Pacific region and sub- Saharan Africa.

Contents

  • 1 ₦30,000 Covid-19 Support to over 11,500 Nigerians Begins
  • 2 ₦300,000 FarmerMoni Loan is Out Again – GEEP 2.0 Loan Application Form
  • 3 ₦50,000 COVID-19 Vaccine Cash Gift Begins – This not Loan Application
  • 4 YAEDP N800,000 Grant for Nigerian Youth – Apply Now
  • 5 ₦1.5 million Gov Loan to be Disbursed to Beneficiaries
  • 6 ₦250,000 FG Loan by NDE has Commence
  • 7 MSME Fund: FG has supported 9,085 beneficiaries
  • 8 ₦50,000 COVID-19 Vaccine Cash Gift Begins – This not Loan Application
  • 9 ₦700,0000 Start-up Loans for Youths Begins
  • 10 Apply Now For iDixcover Africa Ambassadors Programme 2022 for Young Africans
  • 11 South Africa FNB Graduate Trainee Programme 2022
  • 12 N20,000 Fund Payment by Federal Government Update
  • 13 NDE Nirsal /AGSMEIS Loan 2022 for Nigerians – Apply Now
  • 14 SheVentures First City Monument Bank Tech Pitch 2022 for women in tech (Two million Naira Cash Prize)
  • 15 FG issues interest-free loans to 98,000 Nigerians
  • 16 CBN disburses ₦948 billion to 4, 478, 381 Farmers – Anchor Borrowers’ Programme (ABP) Loan
  • 17 CBN offers ₦370,000 Loan to 10,000 Farmers
  • 18 NFWP Set To Commence $15 Million Grant Disbursement In Niger
  • 19 Mercy Corps, LAPO Microfinance Bank sign 200m Empowerment Scheme For North Eastern Nigeria
  • 20 FG Begins SMEDAN ₦1.5m Loan – Apply
  • 21 NYIF ₦500k Loan Shortlisted Candidates is out | Check
  • 22 CBN Covid-19 Loan 2022 | Application
  • 23 World Bank Set To Empower Women In Six States With $100m
  • 24 CBN increases SME Loan Intervention fund to N300 billion, disburses N149.21 billion
    • 24.1 READ: Finally CBN Gifts Farmers For CBN Loans
    • 24.2 READ: CBN disburses ₦948 billion to 4, 478, 381 Farmers – Anchor Borrowers’ Programme (ABP) Loan

₦30,000 Covid-19 Support to over 11,500 Nigerians Begins

₦300,000 FarmerMoni Loan is Out Again – GEEP 2.0 Loan Application Form

₦50,000 COVID-19 Vaccine Cash Gift Begins – This not Loan Application

YAEDP N800,000 Grant for Nigerian Youth – Apply Now

₦1.5 million Gov Loan to be Disbursed to Beneficiaries

₦250,000 FG Loan by NDE has Commence

MSME Fund: FG has supported 9,085 beneficiaries

₦50,000 COVID-19 Vaccine Cash Gift Begins – This not Loan Application

₦700,0000 Start-up Loans for Youths Begins

Apply Now For iDixcover Africa Ambassadors Programme 2022 for Young Africans

South Africa FNB Graduate Trainee Programme 2022

N20,000 Fund Payment by Federal Government Update

NDE Nirsal /AGSMEIS Loan 2022 for Nigerians – Apply Now

SheVentures First City Monument Bank Tech Pitch 2022 for women in tech (Two million Naira Cash Prize)

FG issues interest-free loans to 98,000 Nigerians

CBN disburses ₦948 billion to 4, 478, 381 Farmers – Anchor Borrowers’ Programme (ABP) Loan

CBN offers ₦370,000 Loan to 10,000 Farmers

NFWP Set To Commence $15 Million Grant Disbursement In Niger

Mercy Corps, LAPO Microfinance Bank sign 200m Empowerment Scheme For North Eastern Nigeria

FG Begins SMEDAN ₦1.5m Loan – Apply

NYIF ₦500k Loan Shortlisted Candidates is out | Check

CBN Covid-19 Loan 2022 | Application

World Bank Set To Empower Women In Six States With $100m

CBN increases SME Loan Intervention fund to N300 billion, disburses N149.21 billion

Founded in 2006, Robust primarily trades in specialty crops such as cashews, sesame, ginger and gum arabic, among others. Africa Business Communities reports that the company will use proceeds from the loan to build modern warehouses and processing facilities in northern Nigeria and the financing is one of the first investments in modern secondary sesame processing in that region.

READ: Finally CBN Gifts Farmers For CBN Loans

The project will improve smallholder farmers’ access to modern storage and processing facilities, while allowing Robust to increase direct sourcing volumes with smallholder farmers. The storage facilities will relieve farmers of the need to store their own crops in often poor conditions, which leads to high post-harvest losses and unnecessary GHG emissions related to spoiled food  which account for around five per cent of Nigeria’s total GHG emissions.

The financing package consists of a senior secured loan of up to $9 million from IFC’s own account, as well as a concessional loan of up to $9 million from IFC acting as the implementing entity of the International Development Association’s Private Sector Window.

“Robust is committed to empowering farmers and enriching local communities and has followed and encouraged sustainable farming practices,” said Naarayan Raaghavan, Chairman and Managing Director of Robust.

“We are very pleased to work with IFC on this project, which will provide employment opportunities to the local community, while significantly contributing to Nigeria’s economic growth and value addition in the country’s supply chain.

The project also involves a deeper engagement with smallholder farmers by supporting them in the adoption of sustainable farming methodologies while encouraging and training them to work towards creating awareness on matters pertaining to environmental preservation, as well as contributing to their overall economic wellbeing,” he added.

READ: CBN disburses ₦948 billion to 4, 478, 381 Farmers – Anchor Borrowers’ Programme (ABP) Loan

Agribusiness is a significant contributor to Nigeria’s economy, providing over half of its jobs and contributing over 35 per cent of its GDP. The sector provides a route out of poverty for many smallholder farmers in the north of the country, which is marred by conflict and where poverty levels are five times higher than in the south.

“We are delighted to partner with Robust in its next phase of growth,” said Kalim M. Shah, Senior Country Manager for Nigeria at IFC. “Modernising agribusiness and improving the sector’s productivity is crucial to supporting economic development and inclusion in Nigeria, particularly at a time when pandemic related disruptions and geopolitical tensions are increasing volatility in the sector and impacting food security, further pushing smallholder farmers into poverty,” he noted.

“IFC has a successful track record of supporting Singapore- based companies with ambitions to build their businesses in emerging markets,” said Nicolas Marquier, Country Manager for Singapore, Malaysia, and Brunei Darussalam at IFC. Sunday Ojeme IFC, the largest global development institution focused on the private sector in emerging markets, has agreed to issue $18 million in debt financing to Robust International (Robust), a Singaporebased agricultural company with operations across the Asia-Pacific region and sub- Saharan Africa.

Founded in 2006, Robust primarily trades in specialty crops such as cashews, sesame, ginger and gum arabic, among others. Africa Business Communities reports that the company will use proceeds from the loan to build modern warehouses and processing facilities in northern Nigeria and the financing is one of the first investments in modern secondary sesame processing in that region.

The project will improve smallholder farmers’ access to modern storage and processing facilities, while allowing Robust to increase direct sourcing volumes with smallholder farmers.

The storage facilities will relieve farmers of the need to store their own crops in often poor conditions, which leads to high post-harvest losses and unnecessary GHG emissions related to spoiled food, “Our partnership with Robust is a great example of how Singapore’s private sector can leverage IFC’s innovative financing structures and global expertise to expand in developing countries, helping to alleviate poverty and promote shared prosperity globally,” he added.

As part of the agreement, IFC will support Robust in strengthening its risk management capabilities, improving its environmental and social practices, and smallholderfarmer sourcing and engagement activities, among other areas.

“Through partnerships, our Singapore trading companies continue to make inroads into new geographies,” said Lee Pak Sing, Assistant Chief Executive Officer of Enterprise  Singapore.

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