The Huruma Fund invests 5 million euros in an agricultural processor in Nigeria

Workers at an agricultural enterprise supported by the Babban Gona financial institution in Nigeria.
Workers at an agricultural enterprise supported by the Babban Gona financial institution in Nigeria.

Madrid, November 23, 2022. The Huruma Fund, managed by GAWA Capital and financed by the European Commission, FONPRODE, COFIDES and private investors and savers, has completed its second investment in Africa by awarding a loan of 5 million euros to Babban Gona Farmer Services.

Babban Gona is an innovative agribusiness in the north of Nigeria serving farmers directly, to whom they provide financing and high quality supplies, as well as training and sale of their products in the market. Since it was founded in 2010, Babban Gona has created a network of over 81,000 farmers, becoming the largest maize producing organization in West Africa.

The Huruma Fund will support Babban Gona to develop new products and business areas, as well as to expand to other countries and increase their penetration in Nigeria, where they will be present in 15 states, compared to the current six.


Babban Gona have developed a transformative model that provides farmers with services and inputs related to training and advice, which are necessary to optimize their crops.

An agricultural worker of an enterprise supported by the Babban Gona financial institution in Nigeria.
An agricultural worker of an enterprise supported by the Babban Gona financial institution in Nigeria.

Thanks to their technology, the company continously monitors crops and has Business Intelligence tools to advise their customers. Likewise, the entity is undergoing a process to better measure their environmental impact and has recently implemented an Environment and Social Management System based on international IFC standards.

The joint CEOs of GAWA Capital, Agustín Vitórica and Luca Torre, point out that, “through their financing solution and access to products and markets, Babban Gona is already supporting three hundred thousand smallholder producers in Nigeria who have doubled their revenue. This is why this investment is completely aligned with Huruma’s transformative impact objective”.

Workers at an agricultural enterprise supported by the Babban Gona financial institution in Nigeria.
Workers at an agricultural enterprise supported by the Babban Gona financial institution in Nigeria.

The chairman of COFIDES, José Luis Curbelo, highlights that, “the Huruma Fund investments continue growing and becoming established in areas with potential development, such as Sub-Saharan Africa. We are very pleased to confirm that with innovative instruments such as the Huruma Fund, mobilization of private capital from investors and small savers is bearing fruit in markets perceived as having a higher risk”.


The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. Managed by GAWA Capital, it has 120 million euros contributed by the European Union, FONPRODE (the Development Promotion Fund) of the Spanish Agency for International Development Cooperation (AECID)COFIDES and private investors, thanks to the collaboration of CaixaBank Private Banking, which has distributed the fund through its national network. The objective is to provide access to loans to farmers in underserved rural areas in Latin America, the Caribbean, Sub-Saharan Africa and Asia. It includes a Technical Assistance Facility (TAF) to provide consulting services and training related to agriculture, and to help improve the entities the Fund invests in, enhancing the impact on excluded rural populations.


Established in 2010, GAWA Capital is the leading firm in impact investing in Spain, having mobilised over 204 million euros in public and private investments. Its objective is to improve the lives of low-income communities by promoting investing in social enterprises, while providing their investors with a financial return. GAWA was a pioneer in the introduction of impact investing in Spain, launching three funds which invest in emerging countries with an inclusive approach to market solutions for social issues.


COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).

This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.

BABBAN GONA, Agricultural Company


BABBAN GONA | Agricultural Company

Babban Gona is an Agribusiness in northern Nigeria that serves farmers in small groups, providing them with financing, high-quality inputs, training and market sales. In combination, these services help maize farmers reduce risk and increase their incomes.

Since it was founded in 2010, it has built a network of more than 81,000 farmers, becoming the largest maize-producing organization in West Africa. Today, its members report net incomes that are twice as high as the national average in Nigeria.

Babban Gona has developed an innovative model that provides farmers with the services and inputs they need to make the most of their crop, focusing on training and advice. Relying heavily on technology, it is permanently monitoring harvests, using business intelligence tools to advise its customers. Babban Gona buys maize directly from these smallholders, storing and selling the crops when the price of the product is higher in the market, sharing the profits with the farmers.

Huruma Fund will support Babban Gona in its expansion process, focused on developing new products, mainly in the poultry business, and penetrating the rest of Nigeria, reaching a total of 15 states (currently present in 6). The replication of the model in other African countries is being studied, currently developing a pilot in Senegal.

Baban Gona has recently implemented an Environmental and Social Management System in line with IFC Standards, pending the application of specific procedures to promote waste management and efficient electricity consumption from renewable sources.

Country: Nigeria

Investment: EUR 5 MM

Investment type: Debt

Technical assistance: Pending

Investment date: Sep 2022

Map BABBAN GONA, Agricultural Company

Huruma: Transforming Lives

Huruma’s investment in Babban Gona aims to transform the lives of smallholder farmers through the following theory of change:

Input: EUR 5 MM debt for an Agribusiness.

Output: expansion and business plan development of an Agribusiness.

Outcome: Increase farmers’ productivity to >3.8 Mt/ha and >5% farmers’ income.

BABBAN GONA, Agricultural Company