NCDF Agric-SME Investment Fund
The NCDF Agric-SME Investment Fund is a proposed private-market investment vehicle designed to provide appropriately structured growth capital to eligible agricultural SMEs, cooperatives, processors, aggregators and value-chain enterprises across Nigeria.
The Fund will combine disciplined investment selection, active portfolio oversight and targeted enterprise-development support to pursue risk-adjusted financial returns alongside measurable economic and development outcomes.
Under Development
US$10 million
Up to US$20 million
NCDF Investment Management Plc
Nigeria
Institutional, professional and qualified investors
The Fund’s proposed objective is to generate risk-adjusted financial returns by investing in eligible agricultural and food-system enterprises with credible management, identifiable market demand, verifiable operations and clear pathways to repayment, income generation or investment exit.
The Fund will seek to support enterprises that can improve:
Investment returns and the repayment of investor capital are not guaranteed.
Subject to the final approved investment mandate, the Fund may consider opportunities across:
Commercial farming, livestock, fisheries, aquaculture, mechanisation, irrigation, farm services, inputs and outgrower-linked enterprises.
Commodity aggregation, inventory finance, buyer-backed transactions, cooperative-linked procurement and structured supply-chain businesses.
Food processing, milling, packaging, grading, manufacturing, quality assurance and export-compliance facilities.
Dry storage, warehousing, cold-chain systems, agricultural transport, packhouses and distribution platforms.
Digital marketplaces, traceability systems, farm-management tools, inventory platforms, data systems and technology supporting agricultural trade.
Enterprises with credible buyer relationships, product quality, certification, packaging, logistics and market-access capabilities.
The Fund will seek to match each investment structure to the enterprise’s cash flow, operating cycle, capital requirement and risk profile.
Potential investment instruments may include:
All investments will remain subject to the Fund’s final mandate, concentration limits, risk controls and governance approvals.
Opportunities may be sourced through agricultural enterprises, cooperatives, buyers, financial institutions, development partners, government programmes and NCDF Group platforms.
Each opportunity will be assessed based on:
Investments may include phased disbursement, security, covenants, insurance, reserve accounts, controlled cash flows and performance milestones where appropriate.
Portfolio companies will be monitored through financial reporting, operating information, covenant reviews, site assessments, milestone tracking and risk management.
The Fund will seek to build a diversified portfolio across eligible:
Portfolio decisions will consider expected return, downside exposure, investment duration, climate risk, commodity exposure, liquidity and concentration.
Diversification and risk-management controls may reduce certain risks but cannot eliminate investment loss.
Agricultural SMEs and cooperatives that are not yet ready for formal investment assessment may be referred to the separate NCDFCOOP Agric-SME Fund Readiness Pathway.
Readiness support may cover:
Participation in the readiness pathway does not guarantee investment, financing, grants, buyer contracts or admission into the Fund.
The Fund is intended to operate as a separately constituted investment vehicle with its own:
The Fund will seek to combine financial discipline with measurable real-economy outcomes.
Potential indicators may include:
Impact objectives will not replace commercial underwriting or investment discipline.
Subject to the final Fund structure and eligibility requirements, the Fund may engage with:
The Fund is not currently available for unrestricted public retail subscription.
Investment in agricultural SMEs and private-market strategies involves material risk, including the possible loss of some or all invested capital.
Key risks may include:
Prospective investors must review the final Fund documents and obtain independent legal, financial, regulatory and tax advice before making an investment decision.
