The National Agricultural Development Fund has launched its blended on-lending financing partnership with Psaltry International Company Limited, marking the official flag-off of a programme designed to support thousands of women farmers in Oyo State. The event took place during Psaltry International’s 20th anniversary celebration at its plant in Alayide village, Awaye, Iseyin Local Government Area. Supported by Mastercard Foundation and IDH, the initiative aims to empower 12,000 young women in cassava cultivation in its first phase, with a broader plan to reach 45,000 women by the end of the programme.
Through the NADF Blended Finance On-Lending Programme, the Fund is contributing ₦798 million, which represents 51 per cent of the total financing, while Mastercard Foundation is providing 49 per cent. The funding will be used to support the cultivation of 2,400 hectares of cassava and will directly engage 12,000 women farmers through Psaltry’s structured network of outgrowers and ingrowers. FCMB is serving as the participating financial institution that will enable seamless disbursement of funds across all stages of the project.
The Executive Secretary of NADF, Mohammed A. Ibrahim, who was represented by Abiodun Sosanya, General Manager of Corporate Services, explained the agency’s dedication to agricultural development and wider economic growth. He said, “This collaboration seeks to support the working capital needs of Psaltry International through the cultivation of cassava by a dedicated network of farmers, while complementing Mastercard Foundation’s financing of the farmers’ input requirements.”
He noted that the programme is designed to ensure timely access to quality inputs, provide guaranteed markets through backward integration, reduce production costs through subsidised lending, and promote value addition from locally grown cassava.
He added that the initiative supports the food security and sovereignty goals under the Renewed Hope Agenda of President Bola Tinubu’s administration. By boosting local cassava production, processing and distribution, the partnership strengthens domestic food systems, reduces the dependence on imports and expands economic opportunities for rural women.
The MD and CEO of FCMB, Yemisi Edun, represented by Obaro Odeghe, Executive Director of Wholesale Banking, described the collaboration as a major step forward for agricultural financing. She stated, “This initiative is funding the cultivation of 2,400 hectares of cassava under the NADF–Mastercard Foundation–FCMB collaboration. It enables Psaltry to scale up cassava and sorbitol production while addressing Nigeria’s agricultural finance gap. NADF’s support demonstrates the power of purposeful public-private partnerships in repositioning agriculture as a key economic driver.”
Founder and CEO of Psaltry International, Oluyemisi Iranloye, highlighted the importance of the moment. She said, “As we celebrate 20 years of Psaltry, this collaboration will impact 15,000 women initially and 45,000 by the end. From cassava we produce food grain, starch, high-quality cassava flour, sorbitol and glucose for Nigerian companies.
It provides import substitution, strengthens local supply chains, and supports youth, internally displaced persons and people with disabilities. Today’s milestone reaffirms our commitment to inclusive growth and sustainable agriculture.”
The partnership reflects NADF’s strategy of using blended finance to reduce risks in agricultural value chains, expand structured financing for smallholder farmers and enhance raw material supply for agro-industries. By merging public sector backing, private banking systems and international foundation support, the initiative sets a pathway for scalable investment that boosts productivity and economic inclusion across Nigeria’s agricultural sector.
