The Bank of Agriculture has announced an expansion of its agricultural finance and input distribution programs targeted at women farmers across Nigeria. According to the Food and Agriculture Organisation, women comprise up to 70% of Nigeria's agricultural workforce, yet World Bank data reveals that only 3% of female farmers are formally enrolled in financial systems compared to 10% of male farmers. Closing this severe resource gap presents a vital opportunity to boost farm yields, elevate national agricultural output, and enhance food security.
To address these disparities, BOA Managing Director Ayodeji Sotinrin emphasized that agricultural financing must extend far beyond simple credit disbursement to encompass the entire production ecosystem. Rather than offering standalone loans, the bank's strategy combines direct financial assistance with essential farming inputs, agronomic support, mechanization, and direct market access. This hands-on approach was recently demonstrated in the Bwari Area Council of the Federal Capital Territory, where BOA directly provided female farming clusters with critical agricultural inputs to support their ongoing operations.
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To scale these efforts nationwide, BOA is leveraging its Renewed Hope Smallholder Support & Value Chain Fund, partnering with farmer aggregation companies to integrate more than two million smallholders into a structured, government-backed framework. The initiative is further backed by a ₦250 billion facility providing single-digit interest loans to smallholders, supported by a ₦1.5 trillion bank recapitalisation effort to extend its reach to underserved producers. Additionally, through its Guaranteed Minimum Price Aggregation Programme, the bank connects farmers to accredited warehouses and guaranteed buyers, providing price stability for harvested commodities. By bridging the gap between capital access and actual farm needs, the Bank of Agriculture aims to build a more inclusive, resilient, and productive agricultural economy.
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