… targets 2million farmers to curb food inflation
The Bank of Agriculture (BOA) has intensified efforts to cushion the impact of rising food inflation in Nigeria through expanded low-interest financing, mechanisation, and large-scale agricultural partnerships.
The Managing Director of the Bank of Agriculture, Ayo Sotinrin, disclosed this during an interview on a business morning programme on Channels TV, noting that the bank is deliberately supporting farmers with affordable credit and input distribution to boost food production nationwide.
Sotinrin said BOA is currently offering loans to farmers at single-digit interest rates, significantly below the prevailing Monetary Policy Rate (MPR) of 26.5 per cent, in a move aimed at reducing production costs and improving output.
“We are still doing single-digit facilities to our farmers,” he said, stressing that the impact would “translate across the board” in agricultural productivity and food supply.
According to him, the bank is implementing a phased intervention programme targeting about two million farmers, beginning with an initial rollout of 500,000 beneficiaries who have already received agricultural inputs.
“We don’t believe in making noise. We believe in results speaking for itself,” he added.
Beyond financing, the BOA boss said the institution is also strengthening mechanisation efforts through the deployment of tractors acquired to boost land cultivation across the country.
He noted that about 2,000 tractors were procured from Belarus, with over 1,200 already deployed across 22 states for active farming operations.
Sotinrin explained that the bank is also expanding its agricultural value-chain support system to ensure farmers are not only funded but also fully supported from production to processing stages.
He added that the BOA is exploring large-scale commercial farming partnerships with River Basin Authorities and universities across the country, describing tertiary institutions as strategic assets due to their vast land resources and water bodies.
Citing examples, he noted that institutions such as the University of Abuja possess thousands of hectares of land that could be optimised for agricultural production through integrated outgrower schemes.
“For us, it is not just about farming; it is about thought leadership within the agricultural sector,” he said, adding that the initiative is designed to strengthen both practical farming and research-based agricultural innovation.
The BOA Managing Director says the combined interventions are expected to boost food supply, reduce inflationary pressure on food items, and strengthen Nigeria’s long-term food security framework.
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