The Federal Government of Nigeria is calling for a new approach to agricultural financing that combines public, private and concessional capital to accelerate the modernisation of agriculture across Africa.

National Agricultural Development Fund (NADF) Executive Secretary Mohammed Ibrahim made the call at the Africa Food Systems Forum in Kigali, Rwanda, during a plenary session on aligning investment with the objectives of the Comprehensive Africa Agriculture Development Programme (CAADP).

Ibrahim said African countries must move beyond traditional funding models and develop a coordinated financial architecture that aligns investment with national priorities while reducing risks for private investors. He identified fragmentation and poor coordination of available capital as major challenges holding back agricultural investment.

According to Ibrahim, NADF is working to address these challenges by de-risking agricultural investments and developing credible, bankable project pipelines capable of attracting private-sector funding. He stressed that public resources should be used to unlock private investment rather than compete with or replace it.

“Without credible pipelines or the right projects that would attract private capital,” Ibrahim said, African countries will continue to struggle to mobilise the investment required to transform their agricultural sectors.

He also highlighted the importance of stronger agricultural data and accountability systems. Reliable data, he said, is essential for investors and policymakers to assess risks, identify viable projects and measure whether financing is delivering meaningful outcomes, particularly for smallholder farmers.

Ana Maria Loboguerrero, Director of Adaptive and Equitable Food Systems at the Gates Foundation, said philanthropic capital could also play a catalytic role by providing patient and higher-risk financing for innovative agricultural solutions. Such funding can help demonstrate results, strengthen public-sector capacity and reduce risks before commercial investors enter.

Participants agreed that achieving CAADP objectives will require more than simply increasing the amount of money flowing into agriculture. Better coordination between governments, development partners, financial institutions and private investors will be critical to creating investable projects and ensuring capital reaches farmers and agricultural businesses.

For Africa, building this financial architecture could help unlock larger pools of capital for productivity, infrastructure, technology and value addition while creating a stronger foundation for sustainable agricultural growth.