The National Agricultural Development Fund (NADF) has launched a blended on-lending financing initiative in partnership with Psaltry International Company Limited, aimed at empowering women in agriculture across Oyo State. The programme was unveiled during Psaltry’s 20th anniversary celebration at its Alayide plant in Awaye, Iseyin Local Government Area.

Supported by the Mastercard Foundation and IDH, the initiative will benefit 12,000 young women in cassava cultivation in its first phase, with plans to reach 45,000 women by the programme’s conclusion.

Under the NADF Blended Finance On-Lending Programme (NADFBFP), NADF is contributing N798 million, representing 51% of the total funding, while the Mastercard Foundation provides the remaining 49%. FCMB will serve as the participating financial institution responsible for fund disbursement. The financing will support cultivation across 2,400 hectares of cassava through Psaltry’s network of outgrowers and ingrowers.

Speaking at the event, NADF Executive Secretary Mohammed Ibrahim, represented by GM Corporate Services Abiodun Sosanya, reaffirmed the Fund’s commitment to agricultural development and economic growth.

“This collaboration supports Psaltry’s working capital needs while enabling farmers to access quality inputs, reduces production costs via subsidised lending, ensures market availability through backward integration, and promotes value addition in cassava processing,” Ibrahim said.

The initiative aligns with the food security and sovereignty goals of President Bola Tinubu’s Renewed Hope Agenda, highlighting the importance of structured agricultural financing in boosting local production, reducing import dependence, and economically empowering rural women.

Representing FCMB, Executive Director of Wholesale Banking Obaro Odeghe described the partnership as transformational.

“This initiative enables Psaltry to scale cassava and sorbitol production while addressing Nigeria’s agricultural finance gap. NADF’s support demonstrates the impact of purposeful public-private partnerships in repositioning agriculture as a key economic driver,” she said.

Psaltry International CEO Oluyemisi Iranloye emphasised the significance of the collaboration for both the company and beneficiaries.

“As we celebrate 20 years of Psaltry, this programme will initially impact 15,000 women, reaching 45,000 by the end. Beyond supporting local production of food grains, starch, high-quality cassava flour, sorbitol, and glucose, it strengthens local supply chains and promotes inclusive growth for youth, internally displaced persons, and people with disabilities,” Iranloye said.

The partnership reflects NADF’s broader strategy of deploying blended finance to de-risk agricultural value chains, enhance smallholder access to financing, and strengthen raw material sourcing for agro-industries. With combined support from public institutions, private finance, and international development partners, the initiative provides a scalable model for agricultural investment in Nigeria.

Over the years, the Mastercard Foundation has continued to support Nigerian farmers, particularly women, youth, and persons with disabilities, in boosting productivity, resilience, and economic inclusion.