June 26 (THEWILL) — The Bank of Agriculture (BoA) has unveiled a comprehensive reform programme to modernise agricultural financing, expand financial inclusion in rural communities, and strengthen support for Nigeria’s food security agenda.
The Managing Director and Chief Executive Officer of the Bank, Ayodeji Sotinrin, said the initiative is focused on transforming the institution into a more efficient, technology-driven lender capable of providing affordable credit to smallholder farmers and agribusinesses nationwide.
According to him, the Bank will deepen partnerships with state governments, development partners, input suppliers, and commodity associations to improve the delivery of agricultural finance and accelerate growth across the sector.
As part of the reforms, BoA recently signed a Memorandum of Understanding with the United Nations Development Programme (UNDP) to align its revitalisation strategy with the Integrated Smart States Programme (ISSP). The partnership is expected to unlock blended and climate finance for agriculture while supporting the Federal Government’s One Million Hectare Tree Crop Initiative, which aims to boost commercial farming, exports, and job creation.
“Our vision is to deploy capital in an intelligent, smart, and highly efficient way to reposition the Bank as a catalyst for food security and rural prosperity”, Sotinrin said, adding that the institution also intends to attract more young farmers into the formal financial system.
To improve transparency in government-backed interventions, the Bank has introduced a digital verification framework that combines Bank Verification Number (BVN) authentication, Know Your Customer (KYC) procedures, and GPS farm mapping. The system is designed to ensure that loans and farm inputs reach genuine farmers while eliminating fraudulent beneficiaries and reducing diversion through intermediaries.
National President of the All Farmers Association of Nigeria (AFAN), Muhammad Magaji, welcomed the initiative, describing stricter verification as critical to ensuring subsidised loans benefit genuine smallholder farmers rather than politically connected beneficiaries.
The Bank also announced plans to deploy digital farmer platforms, expand agency banking services, and introduce solar-powered operations across its 110 branches to improve access to financial services in underserved rural communities. It said it would continue to engage with cooperatives and other agricultural stakeholders to strengthen the implementation of the National Agri-food System Investment Plan (NASIP) and improve access to agricultural finance.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
