The research empirically determined rice yield differentials between the IFAD participating and nonparticipating farmers in Nigeria’s Niger state. A field survey data of 2018 cropping season collected through structured questionnaire complemented with interview schedule from 111 participants and 185 non-participants sampled via a multistage sampling technique were used. The collected data were analyzed using descriptive statistics, profit function and inferential statistics. The empirical findings showed that the participating farmers are efficient in managing their enterprise risk owing to low cost of production and high yield. In addition, the programme had impact on the farmers’ productivity both in the short-run and long-run, thus the reason for the high yield in comparison to their counterparts. Furthermore, the decomposition analysis justified the impact of the programme as structural difference called programme participation accounts for more than 92% variation in the yield of the participating farmers been higher than that of the non-participating farmers, leaving less than 10% to be contributed by resource endowment difference. Therefore, the study advised the participating farmers to increase their insurance coverage and adjust their structural pattern of production as a risk management strategy so as to enhance their chances of breaking even in rice production. In addition, the programme should be broaden to cover the non-treated groups so as to enhance the livelihood and rice food security of the farming households in particular; and that of the rural, state and national economies in general.