Citi Extends N4bn to Babban Gona for 41,000 Farmers

Nume Ekeghe

Citibank Nigeria Limited (Citi) have extended N4 billion or $10 Million financing to Babban Gona Farmer Services Nigeria Limited (Babban Gona) to support input credit and harvest advance to smallholder farmers in northern Nigeria.
This transaction will enable 41,000 smallholder farmers to increase their farming income by 350 percent hectare, hence contributing to improved economic opportunity in fragile communities.
The loan is part of the Scaling Enterprise facility, a Citi partnership with the U.S. International Development Finance Corporation (DFC) and the Ford Foundation that enables earlier stage, innovative and inclusive businesses in emerging markets to access local currencies.
Managing Director and Co-Founder of Babban Gona, Kola Masha, said: “Babban Gona aims to be the highest impact organization on the agricultural landscape in Africa by supporting our members to generate enough income to improve their livelihoods, education, nutrition, and health. With the support of our partners, like Citibank, Babban Gona has consistently made farming more profitable for tens of thousands of smallholders across Nigeria where we have improved their net income and agricultural productivity to 2X the national average.”
CEO-Citibank Nigeria Limited, Ireti Samuel-Ogbu said: “We are pleased to partner with global development agencies and partners, such as DFC and the Ford Foundation, in the structuring of a pioneering social finance facility aimed at sustaining the Nigerian agricultural sector. Babban Gona’s track record and unique business model renders it a partner of choice for scaling positive impact and enabling progress in Nigeria.”