The Bank of Agriculture (BOA) has partnered with the All-Farmers Association of Nigeria (AFAN) to provide financing for 400,000 farmers in the 2026 dry-season farming cycle. This initiative aims to boost year-round food production, improve farmers' livelihoods, and strengthen the supply of locally produced food to Nigerian households. The partnership will be implemented under BOA's Renewed Hope Smallholder Support and Value Chain Fund.
The financing will cover agricultural inputs, irrigation toolkits, and other associated irrigation equipment, enabling farmers to reduce their dependence on rainfall and maintain production during the dry season. BOA's Managing Director, Ayo Sotinrin, stated that the bank is committed to ensuring farmers have access to financing and productive assets needed to sustain production beyond the main rainy season. This move is expected to increase food availability, improve farmers' incomes, and strengthen the resilience of food supply chains.
Under the partnership, AFAN will identify and present credible farmers within its national network, providing information on their locations, commodities, farm sizes, and proposed dry-season acreage. The association will also help identify suitable Farmer Aggregation Companies (FACs) with verifiable farmer networks and the capacity to coordinate participating farmers. This will facilitate the provision of approved financing to eligible farmers through suitable FACs.
The partnership will utilize the Farmer Allocation Model, where approved financing will be provided to eligible farmers through suitable FACs, which will serve as obligors and coordinate the allocation and deployment of approved inputs and other production requirements. BOA will conduct verification, due diligence, and credit assessments in line with its applicable policies and requirements. Participation in the programme will be subject to satisfactory assessment and approval by the bank.
Sotinrin emphasized that supporting production throughout the year would help improve farmers' livelihoods while contributing to a more reliable food supply. He added that the partnership with AFAN would also strengthen BOA's capacity to reach credible farmers at scale and build a stronger pipeline for agricultural financing. This initiative is part of BOA's broader efforts to expand access to agricultural finance, promote year-round production, and strengthen the productive capacity of Nigerian farmers.
The partnership aims to address financing and irrigation constraints associated with dry-season farming, which will help increase food production and contribute to a more resilient Nigerian food system. By expanding agricultural production beyond the main rainy season, the initiative is expected to have a positive impact on food security and the economy. The programme will also enhance the livelihoods of farmers and their communities.
The collaboration between BOA and AFAN demonstrates a significant effort to support the agricultural sector in Nigeria. With the implementation of this initiative, farmers will have increased access to financing and resources, enabling them to improve their productivity and contribute to the country's food security. The programme is expected to have a lasting impact on the agricultural sector and the economy as a whole.
Key points
- The partnership aims to finance 400,000 farmers in the 2026 dry-season farming cycle.
- The financing will cover agricultural inputs, irrigation toolkits, and other associated irrigation equipment.
- The initiative is expected to increase food production and contribute to a more resilient Nigerian food system.
