IFAD launches programme for poverty reduction

The International Fund for Agricultural Development (IFAD) has launched the Private Sector Financing Programme (PSFP), an ambitious new financing initiative to address rising hunger and poverty levels in Nigeria and other poor countries.
PSFP aims to spearhead an increase in much-needed private investment in small and medium-sized enterprises, farmers’ organisations and financial intermediaries.
As part of its launch, the PFSP announced its first loan of $5 million (about N2,058,151,375) to a Nigerian social impact enterprise, Babban Gona, which has a strong background in moving small-scale farmers from subsistence to a more market-orientated model.
The loan will help Babban Gona support 377,000 small-scale rice and maize producers in Nigeria with a comprehensive package of training, quality inputs, and marketing services.
Babban Gona will also store and sell the harvest on behalf of its farmers when prices are higher.
They aim to create up to 65,000 jobs for women and 66,500 jobs for youth by 2025.


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