The National Agricultural Development Fund (NADF) in partnership with Mastercard Foundation and IDH has announced plans to empower 12,000 young women in cassava cultivation in the first phase of a major agricultural intervention, with a total target of 45,000 beneficiaries before the programme concludes.
The initiative was unveiled during the twentieth anniversary celebration of Psaltry International Company Limited at its processing facility in Alayide village in Awaye, Iseyin Local Government Area of Oyo State.
The programme is built around the cultivation of 2,400 hectares of cassava that will be managed through the existing outgrower and ingrower networks operated by Psaltry International. NADF is providing 798 million naira which accounts for more than half of the total financing, while Mastercard Foundation is contributing the remaining funds.
FCMB will serve as the financial institution responsible for the disbursement of the loans and for ensuring that the women farmers have smooth access to the funding.
During the event, the Executive Secretary of NADF Mohammed A. Ibrahim, represented by Mr Abiodun Sosanya, noted that the partnership reflects the determination of the Fund to advance agricultural development and widen economic opportunities in rural communities.
He said the project will support the working capital needs of Psaltry International by strengthening its supply chain through a dedicated network of cassava farmers, while complementing the input financing provided by Mastercard Foundation.
He explained that the programme guarantees access to quality inputs, reduces production costs through subsidised lending, provides assured markets through backward integration and encourages value addition using locally grown cassava.
According to him, this strategic approach is in line with the national agenda for food security and food sovereignty promoted by the administration of President Bola Tinubu.
FCMB’s Managing Director and Chief Executive Officer Yemisi Edun, represented by the Executive Director of Wholesale Banking Obaro Odeghe, praised the collaboration and described it as a significant step toward addressing long standing gaps in agricultural finance.
She noted that the joint effort gives Psaltry International the capacity to increase the production of cassava products including sorbitol and other high value derivatives, which are essential for local industries.
Founder and Chief Executive Officer of Psaltry International Oluyemisi Iranloye spoke on the importance of the initiative for both the company and the communities involved. She said the programme will initially benefit about 15,000 women and is expected to reach 45,000 before completion.
She added that the company transforms cassava into food grade starch, high quality cassava flour, sorbitol and glucose, supporting local manufacturing and reducing the country’s dependence on imports while creating opportunities for youth, displaced persons and people with disabilities.
