Nigeria Sovereign Wealth approves N1.8bn investments in agric


Nigeria Sovereign Investment Authority (NSIA) has approved N1.8 billion (about $5million) for Doreo Partners to train 50,000 farmers in the Babangona Outgrower Farming Scheme in line with the Federal Government’s efforts to boost agriculture and reduce the economy’s dependence on oil exports. NSIA manages the Nigeria Sovereign Wealth Fund.
 
Alhaji Sanusi Lamido
 Emir of Kano and Chairman, Doreo Partners
Mr. Uche Orji, Managing Director and Chief Executive Officer of NSIA, who disclosed this at the agreement signing ceremony in Lagos last weekend said the facility is a term loan with a two-year moratorium aimed at adding another 50,000 farmers by 2021 to the fast growing farming scheme.

Babban Gona, which means “great farm” in Hausa, is an agricultural franchise, developed by Doreo Partners, a firm with a proven track record of exclusively investing in profitable, high growth, early stage businesses that improve the livelihoods of Nigerian smallholder farmers.

Alhaji Sanusi Lamido, Emir of Kano, who is also the Chairman of Doreo Partners, said Babangona is a franchise model, which provides small holder farmers access to required investment capital. The scheme also provides a range of agricultural and marketing services along the agricultural value chain to interested parties.

The Emir explained that the outgrower model has helped farmers to  increase maize, soybean, and rice production by providing access to low-cost and high-quality inputs as well as production materials and channels for marketing of harvests.

The scheme, he said, uses demonstration plots to share best practices with the broader communities where their farmers live, adding that it has streamlined service delivery by creating special service units responsible for managing distribution and post-harvest processes.

The new system, according to him, is more convenient for farmers, reducing wait times for input and payment.

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