The National Agricultural Development Fund (NADF), in partnership with Psaltry International Company Limited, has officially flagged off a blended on-lending financing partnership to provide N1.5 billion credit facility for 12,000 women cassava farmers in Oyo state.
The initiative, supported by Mastercard Foundation and IDH, aims to empower 12,000 young women in cassava cultivation in its first phase, with plans to reach 45,000 women by the end of the programme.
The flag off, which coincided with the 20th anniversary of Psaltry International Company, was held at the company’s plant in Alayide village, Awaye, Iseyin Local Government Area, Oyo State.
The Executive Secretary, Mohammed A. Ibrahim of NADF, disclosed that the Fund contributed ₦798 million, representing 51 per cent of the total funding, while the Mastercard Foundation contributed 49 per cent.
The finance, according to him, is to cover the cultivation of 2,400 hectares of cassava, targeting direct engagement of 12,000 women farmers through Psaltry’s structured network of outgrowers and ingrowers.
The ES, who was represented by theGeneral Manager, Corporate Services, Mr. Abiodun Sosanya, highlighted the Fund’s commitment to agricultural growth and socio-economic development.
He explained, “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 emphasised that the programme ensures timely access to quality inputs, guarantees markets through backward integration, reduces production costs through subsidised lending, and promotes value addition of locally grown cassava.
The initiative also aligns with the food security and sovereignty drive under the Renewed Hope Agenda of President Bola Tinubu’s administration, demonstrating how structured agricultural finance can support national priorities. By promoting local cassava production, processing, and value addition, the partnership strengthens domestic food supply, reduces reliance on imports, and empowers rural women economically.
The representative of FCMB, the financial Obaro Odeghe, said, “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.”
The Founder and CEO of Psaltry International Company, Oluyemisi Iranloye, reflected on the dual significance of the day. “As we celebrate 20 years of Psaltry, this collaboration will impact 15,000 women initially and 45,000 by the end of the program .
She mentioned that the company has been producing food grains, starch, high-quality cassava flour, sorbitol, and glucose for Nigerian companies, as well as providing import substitution, strengthening local supply chains, and supporting youth, internally displaced persons, and people with disabilities. Today’s milestone reaffirms our commitment to inclusive growth and sustainable agriculture.
