National Agricultural Development Fund, Cross River bankroll agricultural developing finance framework

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National Agricultural Development Fund, (NADF) and Cross River State government have agreed to collaborate on agricultural developing finance framework

This was disclosed by Mohammed A. Ibrahim, Executive Secretary of NADF when he paid a courtesy visit on Governor Bassey Otu of Cross River State at the Government House in Calabar.

According to him, “I am leading a delegation to discuss the development of a sub-national non Irrevocable Standing Payment Order (non-ISPO) where the state government provides a bank with an order to deduct a specific amount of money from their statutory allocation or revenue account to repay a loan or meet a financial obligation. This serves as a form of security, guaranteeing a bank that the funds will be automatically transferred, making it a valuable tool for securing loans and bonds, a standard aimed at de-risking mechanism aimed at expanding access to agricultural finance in the state.

“I commend the state government for its proactive approach for the establishment of Cross River State Agricultural Development Fund, designed to stimulate the commercialisation of agriculture and improve access to finance for both small holder farmers and agribusinesses, as well as Project-Grow, which is aimed at empowering agribusinesses, MSMEs, and smallholder farmers across the 18 LGAs of the state.” He said

Mohammed A. Ibrahim praised the administration for its commitment to research and innovation by the establishment of Institute for Agricultural Research (IAR) substation in the state, which would strengthen evidence-based agricultural development and enhance primary production.

Mohammed A. Ibrahim reaffirmed his commitment to working closely with other state governments, because they play a crucial role in achieving President Bola Ahmed Tinubu’s Renewed Hope Agenda on food security and sovereignty.

The Executive Secretary stressed that the NADF remains determined to support initiatives that align with national objectives while empowering farmers, strengthening value chains, and promoting sustainable agricultural transformation.

Mohammed A. Ibrahim described Cross River’s approach as akin to the Brazilian model of agricultural transformation, where strong state-level leadership, innovative financing, and technology-driven farming converge to deliver inclusive growth and lasting food security.

The NADF delegation was accompanied by its technical partners, PROPCOM+, led by Country Director Adiya Ode.

In his response, Governor Otu welcomed the initiative and directed the State Ministry of Agriculture and Irrigation to establish a technical committee to work with NADF and PROPCOM+ to review and adapt the de-risking framework, ensuring it meets the needs of local stakeholders and supports the state’s agricultural priorities.