Nigeria's smallholder farmers are set to benefit from a $1 billion financing agreement between the Bank of Agriculture (BOA) and the African Export-Import Bank (Afreximbank), signed at the ongoing Intra-African Trade Fair (IATF) 2025 in Algiers, Algeria.
The pact was formalised by BOA Managing Director, Mr. Ayo Sotinrin, and Afreximbank's Executive Vice President for Intra-African Trade and Export Development, Mrs. Kanayo Awani, under the leadership of Afreximbank President, Prof. Benedict Oramah.
According to BOA, the facility will create a National Smallholder Farmers' Fund to bridge persistent financing gaps for smallholders, who represent nearly 95 per cent of participants in Nigeria's agricultural value chain.
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The fund will provide blended finance solutions to make credit more affordable, covering inputs such as seeds, fertilisers, agrochemicals, and mechanisation services to boost yields. It will also support investments in storage, aggregation, and logistics to cut post-harvest losses and create structured linkages between farmers, processors, and exporters.
"This deal represents a bold step toward building a sustainable future. It gives smallholder farmers the resources they need to thrive, contributing to food security and economic growth," Sotinrin said at the signing.
He added that the initiative aligns with President Bola Ahmed Tinubu's Renewed Hope Agenda, which prioritises farmer empowerment and food security as key drivers of Nigeria's economic transformation.
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