The Federal Government has inaugurated a new Board of Directors for the Bank of Agriculture (BOA), with a clear charge: make credit accessible to farmers and strengthen Nigeria’s food security.
At the ceremony in Abuja, Minister of Agriculture and Food Security, Sen. Abubakar Kyari, reminded the board that the BOA was created to serve ordinary farmers—the men and women who till the soil, process crops, and feed the nation.
For years, the bank struggled to meet Nigeria’s vast financing needs. But Kyari said President Bola Tinubu’s administration is now tackling those challenges, with reforms already underway.
The bank is digitising its operations so loans can be appraised, disbursed, and recovered faster, ensuring farmers don’t wait endlessly for support.
Kyari explained that BOA is central to the Renewed Hope National Agricultural Mechanisation Programme, which aims to reach more than one million farmers every year. Already, nearly 500,000 smallholder farmers have received inputs under the Renewed Hope Smallholder Support and Value Chain Fund.
“The work of renewal has already begun. Your task is to give it scale and permanence,” Kyari told the board. “Food security is your founding mandate. Access to capital is the reason you exist.
Every loan that reaches a farmer, a woman processor or a young entrepreneur creates jobs, promotes inclusion and strengthens peace.”
He stressed that a bank that lends fairly and recovers loans responsibly is also fighting corruption. He urged the board to ensure recapitalisation translates into more lending to smallholder farmers, women, and youths—not higher overhead costs.
Responding, the new Chairman of the BOA Board, Muhammad Babangida, said the bank plays a vital role in Nigeria’s economic development.
He pledged that the board would provide oversight anchored on integrity, transparency, and accountability.
Managing Director of BOA, Mr Ayodeji Sotinrin, added that the bank is committed to providing affordable financing that addresses farmers’ challenges and boosts productivity.
For millions of farmers across Nigeria, the message was clear: the BOA is being repositioned to deliver real support, ensuring agriculture remains the backbone of food security and economic diversification.
