The Bank of Agriculture has announced new initiatives to reduce the impact of agricultural price instability on farmers and improve food security across Nigeria.
Managing Director of the Bank, Ayo Sotinrin, explained that the reforms are a part of President Bola Tinubu’s agricultural agenda focused on strengthening food systems, increasing production, and improving farmers’ incomes.
Speaking during an interview on AIT, Sotinrin stated that the interventions are designed to support smallholder farmers who face unstable market conditions and rising production costs.
According to him, the reforms will improve financial inclusion, support food security efforts, and help farmers benefit more directly from their agricultural activities.
Sotinrin also said the food stabilisation programme would be implemented as a nationwide campaign, with sensitisation efforts carried out across multiple media platforms to increase awareness and participation.
He went further to disclose that the bank is changing its financing model by moving away from direct microcredit distribution toward a digital ecosystem driven by farmer aggregation companies.
The initiative is expected to improve coordination among farmers, strengthen access to finance, and support more structured agricultural production systems across the country.
As part of efforts to expand mechanised farming, the Bank of Agriculture has also entered into a partnership with the Nigerian Air Force to improve agricultural financing and mechanisation support for serving and retired Air Force personnel involved in farming.
The collaboration followed a high-level meeting between Sotinrin and the leadership of the NAF Farms and Agro-Allied Services.
A statement issued by the bank’s team lead for Corporate Communication, Ruth Didam, said both organisations identified strategic areas of cooperation to improve productivity across Nigerian Air Force farms.
The partnership will focus on concessional financing, access to farm inputs, and mechanisation support for military personnel participating in agricultural activities.
According to the statement, the programme will support active-duty officers engaged in farming, retired personnel transitioning into agriculture, women officers involved in farming initiatives, and spouses of personnel participating in agricultural production.
Sotinrin said the initiative is expected to help build a self-sustaining agricultural value chain within the Air Force community while contributing to food security, income diversification, and economic empowerment.
Both institutions are expected to formalise the partnership through a Memorandum of Understanding, while technical working groups will develop financing frameworks, eligibility requirements, and disbursement procedures for the programme.
Source: The Guardians
