The Nigeria Sovereign Investment Authority (NSIA) has approved about $5million (N1.8 billion) for Doreo Partners to train 50,000 farmers in the North through its Babangona Outgrower Farming Scheme.
    The agreement for the loan facility was signed in Lagos at the weekend between NSIA management and Doreo Partners. NSIA manages the Nigeria Sovereign Wealth Fund.
Doreo Partners Chairman, the Emir of Kano, Alhaji Sanusi Lamido, who spoke at the ceremony, said Babangona is a franchise model, which provides small holder farmers access to required investment capital. He added that it also provides comprehensive suite of agricultural and marketing services along the agricultural value. This, he sid, subsequently results in a dramatic increase in profitability and living standards.
According to him, the outgrower model has helped farmers increase maize, soybean, and rice production in their fields by providing access to low-cost and high-quality inputs and production materials and facilitating marketing of harvests.