Published On: Tue, Apr 11th, 2017

$100 million set to address Nigeria food insecurity

food insecurityLAGOS, (CAJ News) – MORE than 1 million farmers are poised to benefit from funding aimed at bridging the banking divide and eventually enhance food security in igeria.
Cellulant, the award-winning mobile commerce company operating a one-stop payments ecosystem in Africa, has arranged a consortium of financial sector actors to deploy a loan book portfolio of $100 million into smallholder farmers’ micro loans.
Private sectors and financial partners will begin to test pilot the injection of loans into the system.
The goal is to achieve 1,73 million farmers borrowing between June 2017 to July 2018.
The funding availability comes as technology continues transforming agriculture across Africa.
Nigeria, which is suffering incessant terror, has a vast population suffering food insecurity, particularly northeast of the country.
More than 50,000 people risk famine in Nigeria’s north-eastern Adamawa, Borno and Yobe states between June and August. Some 5.2 million people are projected to suffer severe food scarcity, a third of them will face “emergency” levels of hunger.
CAJ News

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