BOA UNVEILS ROADMAP TO EXPAND RURAL FINANCE, BOOST FOOD SECURITY

The Bank of Agriculture (BOA) has unveiled an ambitious roadmap aimed at revolutionising rural finance and strengthening Nigeria’s food security architecture through targeted interventions for smallholder farmers and agribusinesses.

The Managing Director of BOA, Mr. Olugbenga Ogunmefun, disclosed the strategic plan during a stakeholders’ forum in Abuja on Friday. The comprehensive roadmap focuses on expanding access to affordable credit, digital financial services, and capacity-building programmes for farmers in rural communities across the country.

“Food security remains a national priority. This roadmap will address the financing gaps that have long hindered productivity in the agricultural sector,” Ogunmefun stated. Key components include the injection of additional funds into value chain financing, establishment of more rural banking touchpoints, and partnerships with fintech companies to deploy mobile-based loan disbursement and repayment systems.

The initiative targets a significant increase in lending to smallholder farmers, women and youth in agriculture, with emphasis on climate-smart practices, mechanisation, and post-harvest management. The bank plans to collaborate with the Central Bank of Nigeria, state governments, and development partners to de-risk agricultural lending through innovative insurance products and guarantee schemes.

Under the new framework, BOA will prioritise key food crops such as rice, maize, cassava, and livestock production to reduce dependence on imports and stabilise food prices. Special windows for emergency financing during planting and harvesting seasons have also been introduced.

Agriculture stakeholders welcomed the development. The President of the All Farmers Association of Nigeria (AFAN), Mr. Kabir Ibrahim, described the roadmap as “a game-changer” that could transform the fortunes of rural farmers if effectively implemented. He called for transparency in loan distribution and strict monitoring to prevent diversion of funds.

The Federal Government has expressed full support for the BOA initiative, aligning it with broader efforts under the Renewed Hope Agenda to achieve sustainable food security and economic diversification.

As Nigeria battles rising food inflation and climate challenges, the BOA roadmap is expected to empower millions of rural dwellers, enhance agricultural output, and contribute meaningfully to national economic resilience. Implementation is set to commence immediately with pilot programmes in selected states.