The Bank of Agriculture has unveiled a strategic roadmap designed to modernize its operations, expand grassroots financial inclusion, and accelerate agricultural transformation. This initiative aligns with the Federal Government’s food security agenda, as disclosed by the bank’s Managing Director and Chief Executive Officer, Ayodeji Sotinrin, in a statement issued on Friday.
Sotinrin stated that the institution is implementing operational upgrades and forging strategic partnerships to improve the delivery of agricultural intervention programmes. These efforts are aimed at empowering smallholder farmers across Nigeria.
Strategic Initiatives and Partnerships
The BOA is strengthening its agricultural delivery architecture by expanding collaborations with state-level delivery platforms, licensed input suppliers, and international development partners. A key component of this strategy is a recently signed Memorandum of Understanding with the United Nations Development Programme (UNDP).
This partnership aligns the bank’s revitalisation agenda with the UNDP’s Integrated Smart States Programme. The bank noted that this collaboration would help transform Nigeria’s agricultural sector into an investment-ready system capable of attracting blended and climate finance.
Furthermore, the initiative supports the One Million Hectare Tree Crop Initiative, which is described as a presidential priority. This initiative is expected to boost commercial agriculture, create jobs, and diversify exports.
Ayodeji Sotinrin articulated the bank's vision, stating, “Our vision for the Bank of Agriculture is to deploy capital in an intelligent, smart, and highly efficient way to reposition the institution as a catalyst for food security and rural prosperity. We are bringing everyone into the financial net, especially the youthful population of farmers in our hinterlands, to create a new, resilient food system for Nigeria.”
Operational Modernization and Farmer Support
The Bank of Agriculture has overhauled its verification framework to eliminate fraudulent beneficiaries and ensure interventions reach genuine farmers. The new credit profiling process incorporates Bank Verification Number (BVN) checks, Know Your Customer (KYC) protocols, and GPS farm mapping to strengthen transparency and accountability in loan disbursement.
Muhammad Magaji, the National President of the All Farmers Association of Nigeria, endorsed these verification measures. He emphasized the critical role BOA plays in shielding farmers from exorbitant commercial interest rates, while also urging quicker loan disbursement to match planting seasons.
Magaji stated, “We stand with the BOA on the need for strict verification. It is the only way to ensure that these interventions reach the genuine smallholder farmers who actually till the soil, rather than ‘political farmers.’ We remain committed to working closely with the BOA management to fine-tune this delivery framework.”
The BOA is also modernizing its nationwide operations by deploying digital farmer systems, agency banking models, and solar-powered infrastructure across its 110 branches. This aims to improve service delivery in rural communities, with recent ICT infrastructure support from the UNDP further strengthening its digital transformation efforts.
The bank will continue engaging commodity associations, verified grassroots cooperatives, and other agricultural stakeholders through town hall meetings and working groups. These engagements are crucial for identifying genuine beneficiaries and supporting the implementation of the National Agri-food System Investment Plan.
