The National Agricultural Development Fund (NADF) has launched a new blended finance partnership with Psaltry International Company Limited to expand economic opportunities for women involved in cassava production across Oyo State.
The programme was formally introduced during the company’s 20th anniversary event in Awaye, Oyo State.
Backed by the Mastercard Foundation and IDH, the initiative aims to support 12,000 women farmers in its opening phase and eventually reach 45,000 beneficiaries.
Through the NADF Blended Finance On-Lending Programme, NADF will provide N798 million, equivalent to 51 per cent of the required capital, while the Mastercard Foundation will supply the remaining 49 per cent.
The funding is structured to enable the cultivation of 2,400 hectares of cassava, using Psaltry’s established network of outgrowers and ingrowers to directly engage participating women.
First City Monument Bank (FCMB) has been selected to manage and disburse the financing as the participating financial institution.
At the launch, NADF’s Executive Secretary, Mohammed Ibrahim, represented by Abiodun Sosanya, explained that the partnership reflects the Fund’s broader goal of promoting agricultural expansion and community development.
According to him, the collaboration will boost Psaltry’s working capital while ensuring farmers have reliable access to inputs, affordable credit, and guaranteed buyers for their produce.
He added that the programme’s design promotes value addition and lowers production risks for smallholders.
Ibrahim also noted that the initiative aligns with the Federal Government’s drive for food security under President Bola Tinubu’s Renewed Hope Agenda, as increased cassava production and processing will strengthen domestic supply chains, reduce import pressure, and improve the livelihoods of rural women.
FCMB’s Managing Director, Yemisi Edun, represented by Obaro Odeghe, described the partnership as an important step toward closing Nigeria’s agricultural financing gaps.
She said the collaboration will help Psaltry expand its production of cassava derivatives such as sorbitol while contributing to the repositioning of agriculture as a major economic pillar through strategic public-private cooperation.
Psaltry International’s Founder and CEO, Oluyemisi Iranloye, highlighted the significance of launching the programme during the company’s 20th anniversary celebration. She said the initiative will have a direct impact on thousands of women and ultimately support 45,000 participants.
Iranloye noted that the company’s cassava-based products, including starch, high-quality flour, sorbitol and glucose, are key inputs for Nigerian industries, helping reduce import dependence and support local manufacturing.
She added that the programme also benefits youth, displaced persons and people with disabilities.
The partnership reflects NADF’s broader approach of blending public funding with private-sector participation and international support to reduce risks in agricultural value chains, expand opportunities for smallholders, and strengthen raw material supply for agro-processing companies.
The Mastercard Foundation, which has long supported Nigerian smallholder farmers, especially women, youth and persons with disabilities, continues to collaborate with agricultural organisations to improve productivity and resilience across the sector.
