The National Agricultural Development Fund (NADF) is partnering with the Cross River State Government to design a new subnational agricultural finance framework that will reduce risk for investors and expand credit access for farmers, in a bid to boost agribusiness investment and rural prosperity,
Mohammed A. Ibrahim, executive secretary, NADF and Bassey Otu, Governor of Cross River State discussed the development of a non-ISPO (Irrevocable Standing Payment Order) de-risking mechanism that will attract private capital into the state’s agricultural value chains during a high-level meeting at the Government House in Calabar.
The NADF team was accompanied by its technical partner, PROPCOM+, led by Adiya Ode, the Country Director.
Otu in his remarks welcomed the collaboration, directing the State Ministry of Agriculture and Irrigation to set up a joint technical committee with NADF and PROPCOM+ to review and adapt the proposed model to the realities of the state’s agricultural ecosystem.
The committee is expected to design a scalable framework that supports local agribusinesses, promotes credit guarantees, and creates a predictable environment for lenders and investors.
According to Ibrahim, the collaboration aligns with NADF’s mandate to deepen agricultural financing across Nigeria and foster private sector participation in food production, processing, and distribution.
He commended Governor Otu for creating the Cross River State Agricultural Development Fund, describing it as a bold step toward commercialising agriculture and mobilising capital for smallholder farmers and agri-SMEs.
He also lauded the state’s Project Grow initiative, which targets the empowerment of farmers and agribusinesses across all 18 local government areas, as well as the establishment of an Institute for Agricultural Research (IAR) substation in the state—an investment he said would enhance innovation, data-driven policy, and yield improvement.
“The Cross River model demonstrates that subnational leadership is essential to transforming agriculture into a business,” Ibrahim said. “By integrating finance, research, and market systems, the state is positioning itself as an agribusiness hub for southern Nigeria.”
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