Nigeria’s Bank of Agriculture (BOA) has entered a historic agreement with Afreximbank, estimated at US $1 billion, aimed at bolstering the National Smallholder Farmers Fund, an initiative intended to tackle the financial obstacles faced by smallholder farmers in Nigeria.
The deal was formalised by BOA’s Managing Director, Mr. Ayo Sotinrin, and Afreximbank’s Executive Vice President, Mrs. Kanayo Awani, during the Intra-African Trade Fair (IATF2025) held in Algiers, Algeria, with a focus on delivering essential financial assistance throughout the agricultural value chain, from production to market access. This partnership aligns with the Nigerian government’s objective of enhancing food security and establishing sustainable agribusiness ventures.
Through the National Smallholder Farmers Fund, farmers will be able to access low-cost credit, mechanisation, and well-structured market connections, aiming to boost productivity and facilitate better integration into both national and continental markets. This initiative follows the endorsement of the National Food Security Fund by President Bola Ahmed Tinubu, who has made agricultural reform a priority for his administration.
While commenting on the agreement, Mr. Sotinrin stressed that this collaboration is a strategic move aimed at ensuring a prosperous agricultural future for Nigeria. Meanwhile, Mrs. Awani reiterated Afreximbank’s dedication to aiding smallholder farmers and playing a role in Nigeria’s food security and economic advancement.
This partnership is anticipated to transform access to financial resources for Nigeria’s agricultural sector and significantly aid the country’s broader economic objectives.
