The Bank of Agriculture has rolled out a strategic roadmap aimed at modernising the bank’s operations, expanding grassroots financial inclusion and supporting Nigeria’s agricultural transformation.

The Managing Director and Chief Executive Officer of BOA, Mr. Ayodeji Oludare Sotinrin, revealed that the bank will be rolling out the operational upgrades and high-level partnerships to optimise the delivery of agricultural intervention programmes and empower smallholder farmers across the country.

He stated that being the apex agricultural development finance institution, BOA plays the statutory role in safeguarding and deploying subsidised government funds, adding that through the provision of single-digit interest loans, the bank has ensured that smallholder farmers are shielded from commercial lending rates, thereby significantly reducing the cost of production.

To scale this mandate, Sotinrin said BOA was expanding its collaborative network with state-level delivery platforms, licensed input suppliers and international development partners, especially with the signing of a Memorandum of Understanding with the United Nations Development Programme (UNDP).

He said the MoU was to integrate the bank’s revitalisation agenda with the UNDP’s Integrated Smart States Programme (ISSP) in transitioning Nigeria’s agricultural landscape into an investment-ready system capable of mobilising large-scale blended and climate finance.

He said that the collaboration is anchored on the One Million Hectare Tree Crop Initiative, a presidential priority focused on advancing commercial agriculture, creating jobs and strengthening export diversification.

“Our vision for the Bank of Agriculture is to deploy capital in an intelligent, smart and highly efficient way to reposition the institution as a catalyst for food security and rural prosperity. We are bringing everyone into the financial net, especially the youthful population of farmers in our hinterlands, to create a new, resilient food system for Nigeria,” he stated.

The MD also disclosed that to eradicate the systemic issue of “portfolio farmers” and middlemen diverting inputs meant for genuine agriculturalists, BOA has overhauled its verification framework through the institution of stringent, data-driven credit profiling process that incorporates thorough BVN verification, Know Your Customer (KYC) protocols, and GPS farm-mapping.