The Bank of Agriculture (BOA) has intensified efforts to cushion the impact of rising food inflation in Nigeria through expanded low-interest financing, mechanisation, and large-scale agricultural partnerships.
   
Disclosing this during an interview, the Managing Director of the bank, Ayo Sotinrin, said the bank is deliberately supporting farmers with affordable credit and input distribution to boost food production nationwide.
   
According to him, BOA is currently offering loans to farmers at single-digit interest rates, significantly below the prevailing Monetary Policy Rate (MPR) of 26.5 per cent, in a move aimed at reducing production costs and improving output. He stressed that the impact would “translate across the board” in agricultural productivity and food supply.
   
He further disclosed that the bank was implementing a phased intervention programme targeting about two million farmers, beginning with an initial rollout of 500,000 beneficiaries who have already received agricultural inputs.
   
Beyond financing, the BOA chief said the institution was also strengthening mechanisation efforts through the deployment of tractors acquired to boost land cultivation across the country.
   
Sotinrin noted that about 2,000 tractors were procured from Belarus, with over 1,200 already deployed across 22 states for active farming operations. He further explained that the bank is also expanding its agricultural value-chain support system to ensure that farmers are not only funded but are also fully supported from the production to the processing stages.