From Okwe Obi, Abuja
The Bank of Agriculture (BOA) has been urged to maintain the tempo of supporting 400,000 smallholder farmers onboarded and a ₦200 billion Guaranteed Minimum Price Programme.
This is even as it was recognised as the Agricultural Finance Institution of the Year at the Business Day BAFI Awards 2026.
In a statement by the BOA, the recognition comes as the Bank continues its institutional restructuring, repositioning and recapitalisation under the leadership of its Managing Director and Chief Executive Officer, Ayo Sotinrin.
It said the transformation focuses on strengthening governance, improving operational efficiency, and expanding the Bank’s capacity to finance agricultural production and businesses across the value chain.
According to it, through the Renewed Hope Smallholder Support and Value Chain Fund (RH-SSVCF), the Bank has onboarded over 400,000 farmers across more than 20 states.
It added that the programme has a broader target of reaching two million smallholder farmers nationwide, with support for agricultural inputs, financing, extension services, farmer aggregation and market access.
“Another major component of the Bank’s current agricultural financing efforts is the ₦200 billion Guaranteed Minimum Price (GMP) Programme, launched in September 2026. The programme is designed to strengthen grain aggregation, support market stability and provide a buyer of last resort for eligible grains, including maize, sorghum and soybeans.
“The programme aims to aggregate 400,000 metric tonnes of grain and reach more than 500,000 farmers, with an estimated potential impact on approximately 11.5 million households. These are programme targets and projected reach figures, rather than confirmed outcomes.
“Through structured arrangements involving Farmer Aggregation Companies, commodity buyers and warehouse operators, the Guaranteed Minimum Price Programme is intended to give eligible farmers greater confidence in the market by establishing a guaranteed floor price for their produce.
“The initiative also seeks to reduce distress sales, strengthen structured commodity trading and support the availability of food beyond the harvest period.
“The recognition at the BAFI Awards 2026 marks an important milestone in this work. For BOA, the priority remains translating agricultural financing into practical opportunities for farmers, stronger value chains and improved livelihoods for rural communities.
“As the Bank advances its financing programmes, it remains focused on helping farmers access the resources and markets they need to grow their businesses and contribute to Nigeria’s food security,” the statement read.