The directive follows the release of ₦30 billion from the African Development Bank (AfDB), the second tranche of funding for the scheme, and is expected to fast-track support for farmers, improve access to inputs, and stabilise Nigeria’s food supply chain.
In a statement, BOA’s External Media Relations Lead, Judith Ekwebelem, said the move represents a major turning point for the agricultural sector. She confirmed that BOA has been appointed custodian of all agricultural financing programme funds and is tasked with ensuring smooth and timely disbursement to stakeholders.
“This is more than just a fund; it is a bold commitment to ensuring our nation’s food security,” said BOA Managing Director/CEO, Mr. Ayo Sotinrin. “By working hand-in-hand with the NAGS-AP team, we are cutting through bureaucratic delays to get payments directly to agro-dealers and suppliers. We are unlocking opportunities for farmers to move beyond subsistence into profitable agribusiness.”
Fast-Track Payment System
BOA pledged to execute payments with urgency, using its robust electronic wallet system to credit all compliant agro-dealers within 24 hours. The bank will also provide weekly progress updates until all arrears are cleared.
Ekwebelem added that Finance Minister and Coordinating Minister of the Economy, Wale Edun, has directed that the payment process be treated with the “highest priority.”
The BOA, in collaboration with the NAGS-AP Secretariat, officially launched the exercise on September 18, 2025, after receiving beneficiary data for processing.
Eligibility Criteria for Beneficiaries
BOA outlined specific requirements for agro-dealers and suppliers qualified for payment:
- Must open a BOA account (free registration available online).
- Must have been selected under the NAGS-AP scheme before 2025 (no new applications accepted).
- Must have previously received at least one payment under the scheme.
- Must activate their BOA account to enable rapid verification and settlement within one business day.
Sotinrin urged beneficiaries to complete all compliance steps without delay, warning that non-compliance could lead to processing setbacks.
Food Security Priority
According to BOA, the ₦30 billion fund is earmarked to settle arrears from the 2024 dry and wet season programmes, with the ultimate goal of boosting farmers’ productivity and ensuring national food security under President Tinubu’s administration.
