According to a statement from the Ministry of Agriculture and Food Security on Wednesday, the move aims to reposition the BOA as a dynamic development finance institution, with a deliberate focus on youth and women-led agribusinesses through accessible credit and capacity-building support.
Minister of Agriculture and Food Security, Abubakar Kyari, said the recapitalisation aligns with the National Agricultural Technology and Innovation Policy (NATIP), designed to transform agriculture into a modern, technology-driven, and competitive sector. The policy promotes mechanisation, digital agriculture, and stronger research-commercialisation linkages, with a view to making farming more attractive and rewarding, particularly for young people and women.
Kyari explained that the Federal Government’s National Agribusiness Policy Mechanism, launched in May 2025 and coordinated by the Presidential Food Systems Coordination Unit, will set annual lending targets for youth and women-led enterprises. It will also introduce credit guarantees, flexible financing structures, and skills development to help agribusinesses absorb and grow capital.
The minister revealed that the initiative is already benefiting about 250,000 farmers across several states, demonstrating its early potential when backed by political will and effective coordination.
He added that President Tinubu’s Renewed Hope Agenda positions food security and job creation as interconnected levers for economic diversification, social stability, and national sovereignty. The agenda, Kyari said, aims to strengthen food sovereignty by reducing import dependence and investing in local farmers, processors, and agribusinesses.
Additionally, the National Agricultural Development Fund is forming partnerships to finance climate-smart farming, aggregation centres, storage facilities, and rural logistics systems to enhance value addition and improve Nigeria’s agricultural competitiveness.
