Nigeria hikes tomato crate credit risk guarantee to 75%
Nigeria has increased its Credit Risk Guarantee for tomato crate financing to 75 percent from a previous 50 percent, a change anticipated to release more than 500 million naira in support funds for the nation’s horticulture industry. Mohamed Selassie Idris, who directs both the International Fertilizer Development Center’s Nigeria operations and the HortiNigeria Programme, disclosed the development during the 47th Regular Meeting of the National Council on Agriculture and Food Security in Kaduna.
The elevated guarantee, facilitated through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, aims to encourage financial institutions to extend credit for plastic crate manufacturing and distribution in major tomato-growing regions. Idris noted that traditional raffia baskets result in approximately 50 percent produce loss during transportation from northern states like Kaduna and Kano to southern markets, while plastic crates substantially reduce damage.
The Embassy of the Netherlands funds HortiNigeria, which operates through a consortium including the East-West Seed Knowledge Transfer Foundation, KIT Institute, and Wageningen University & Research.
