Major Agricultural Boost for Women Farmers in Oyo State
The National Agricultural Development Fund (NADF) has officially launched a substantial N1.5 billion credit facility specifically designed to empower 12,000 women cassava farmers in Oyo State. This groundbreaking initiative, developed in partnership with Psaltry International Company Limited, represents a significant step toward enhancing agricultural productivity and women's economic empowerment in Nigeria.
The official flag-off ceremony took place on November 24, 2025, at Psaltry International Company's plant in Alayide village, Awaye, located within Iseyin Local Government Area of Oyo State. The event held dual significance as it coincided with the company's 20th anniversary celebrations.
Financial Structure and Implementation Plan
According to Mohammed A. Ibrahim, the Executive Secretary of NADF, the funding structure demonstrates strong commitment from both public and private sectors. NADF contributed ₦798 million, representing 51% of the total funding, while the Mastercard Foundation provided the remaining 49%. The initiative also enjoys support from IDH, creating a powerful coalition for agricultural development.
The substantial financing will cover the cultivation of 2,400 hectares of cassava across Oyo State. Implementation will occur through Psaltry's well-structured network of outgrowers and ingrowers, ensuring efficient distribution and management of resources. Mr. Abiodun Sosanya, General Manager of Corporate Services who represented the NADF Executive Secretary, emphasized the program's comprehensive approach to addressing agricultural challenges.
This collaboration specifically aims to support Psaltry International's working capital requirements through organized cassava cultivation by dedicated farmers. The program complements Mastercard Foundation's separate financing for farmers' input needs, creating a holistic support system for agricultural development.
Strategic Impact and National Alignment
The initiative delivers multiple benefits to participating women farmers and the broader agricultural sector. Program beneficiaries will gain timely access to quality inputs, guaranteed markets through backward integration arrangements, reduced production costs via subsidized lending, and enhanced opportunities for value addition to locally grown cassava.
This agricultural financing program strongly aligns with the food security and sovereignty objectives under President Bola Tinubu's Renewed Hope Agenda. It demonstrates how structured agricultural finance can effectively support national priorities while addressing specific community needs.
Obaro Odeghe, representing FCMB as the financial partner, highlighted the transformative potential of this collaboration. This initiative enables Psaltry to scale up cassava and sorbitol production while simultaneously addressing Nigeria's persistent agricultural finance gap. NADF's substantial support underscores the power of purposeful public-private partnerships in repositioning agriculture as a key economic driver.
Oluyemisi Iranloye, Founder and CEO of Psaltry International Company, expressed enthusiasm about the program's potential impact. She confirmed that the collaboration will initially benefit 15,000 women, with plans to expand reach to 45,000 women by the program's conclusion. This expansion reflects the partners' long-term commitment to sustainable agricultural development and women's economic empowerment.
The initiative promises to strengthen domestic food supply chains, reduce Nigeria's reliance on imported food products, and economically empower rural women through sustainable agricultural practices. By promoting local cassava production, processing, and value addition, this partnership represents a significant step toward achieving food sovereignty while creating economic opportunities for women in agriculture.
