The Bank of Agriculture (BOA) has outlined a comprehensive strategy to reposition itself as a key driver of Nigeria's agricultural transformation, unveiling reforms aimed at improving financial inclusion, strengthening support for smallholder farmers and enhancing food production across the country.
The initiative forms part of the bank's renewed commitment to supporting the Federal Government's food security agenda through operational modernisation, strategic partnerships and technology-driven service delivery.
In a statement issued on Friday, the Managing Director and Chief Executive Officer of the BOA, Ayodeji Sotinrin, said the institution is implementing a broad range of operational upgrades designed to improve the efficiency of agricultural intervention programmes while expanding access to finance for farmers, particularly those in rural communities.
According to the bank, its new strategy includes deeper collaboration with state-level agricultural delivery platforms, licensed input suppliers and international development organisations to strengthen the agricultural value chain and improve programme implementation.
One of the centrepieces of the reform agenda is a recently signed Memorandum of Understanding with the United Nations Development Programme (UNDP), which aligns the bank's revitalisation plans with the UNDP's Integrated Smart States Programme.
The partnership is expected to help transform Nigeria's agricultural sector into an investment-ready ecosystem capable of attracting blended finance and climate funding while supporting the Federal Government's One Million Hectare Tree Crop Initiative.
The initiative is regarded as one of the government's priority programmes aimed at expanding commercial agriculture, creating employment opportunities, increasing export earnings and promoting sustainable agricultural development.
Speaking on the bank's renewed direction, Sotinrin said the objective is to ensure that agricultural financing reaches more productive farmers while building a resilient food system capable of supporting national development.
"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," Sotinrin said.
As part of efforts to improve transparency and accountability, the bank disclosed that it has introduced a strengthened verification framework designed to eliminate fraudulent beneficiaries and ensure that financial interventions reach genuine farmers.
The enhanced credit profiling system incorporates Bank Verification Number (BVN) checks, Know Your Customer (KYC) requirements and GPS mapping of farms to validate applicants before loans are approved and disbursed.
According to the BOA, the new verification process is intended to improve the credibility of intervention programmes while reducing the diversion of agricultural financing.
The initiative has received support from the leadership of the All Farmers Association of Nigeria (AFAN), which described the verification measures as necessary for protecting genuine farmers from abuse of intervention schemes.
National President of AFAN, Muhammad Magaji, acknowledged the importance of the reforms while calling for faster processing and release of loans to ensure farmers receive funding in time for planting seasons.
"The All Farmers Association of Nigeria recognises the critical role the Bank of Agriculture plays in shielding our farmers from exorbitant commercial interest rates. While we continuously advocate for faster disbursement cycles to match planting seasons, we stand with the BOA on the need for strict verification.
"It is the only way to ensure that these interventions reach the genuine smallholder farmers who actually till the soil, rather than 'political farmers.' We remain committed to working closely with the BOA management to fine-tune this delivery framework."
Beyond financing reforms, the bank said it is modernising its nationwide operations through the deployment of digital farmer management systems, agency banking services and solar-powered infrastructure across its network of 110 branches.
The modernisation programme is expected to improve banking services in rural communities where access to conventional financial infrastructure remains limited.
The BOA also revealed that recent information and communications technology support from the UNDP will strengthen its digital transformation efforts, enabling the institution to provide both financial services and agricultural extension support directly to farmers.
As part of its broader engagement strategy, the bank said it will continue working closely with commodity associations, verified grassroots cooperatives and other stakeholders through regular town hall meetings and technical working groups.
According to the institution, the consultations are aimed at identifying genuine beneficiaries, improving programme implementation and supporting the successful execution of the National Agri-food System Investment Plan, which seeks to strengthen Nigeria's agricultural productivity and long-term food security.