The federal government is preparing to inject ₦1.5 trillion into the Bank of Agriculture (BOA) as part of a sweeping recapitalisation plan aimed at transforming Nigeria’s agricultural landscape and expanding access to agribusiness funding for over 70 million farmers.
Announcing the move in Abuja during the National Young People’s Dialogue on Inclusive Food Systems, the bank’s Chief Executive Officer said the funds will position BOA to better support agricultural value chains and drive productivity. The event was convened by ActionAid Nigeria in partnership with the Senate Committee on Agriculture and GIZ.
As part of the transformation, the bank is also embarking on an aggressive loan recovery campaign. BOA is currently owed over ₦20 billion and will begin by appealing to defaulters before taking enforcement action. Borrowers who repay may qualify for fresh credit, but under stricter terms.
Reaffirming the bank’s developmental mission, the CEO noted that BOA is not a political institution but one focused on sustainable agricultural financing. He added that the bank is evolving into a technology-driven financial body offering tailored solutions across agriculture’s value chains.
Beyond domestic funding, BOA is also exploring international capital to further boost its lending capacity. The long-term goal is to increase farm yields from the current average of one ton per hectare to up to nine tons, helping to tackle food insecurity and reposition agriculture as a profitable enterprise.
In a related call for action, ActionAid Nigeria’s Deputy Director stressed the need for increased investment in youth-centred agriculture. She proposed the creation of a Nigerian Youth in AgriTech and Innovation Programme (NYATIP) Fund to drive employment, reduce poverty, and enable inclusive economic growth through agricultural innovation.
