Bank of Agriculture Gets ₦550bn to Support Farmers and Stabilise Food Prices
The Bank of Agriculture says it has received ₦550 billion to support smallholder farmers and help stabilise food prices. Of the total, ₦250 billion is earmarked for farmer financing under the Renewed Hope Smallholder Support and Value Chain Programme, while ₦300 billion will fund a Guaranteed Minimum Price scheme. The bank says it will buy produce from farmers during harvest periods and release it into the market when necessary to reduce price spikes. It plans to work through farmer aggregation companies rather than lend directly to individual farmers. About 500,000 farmers have reportedly been supported under the pilot phase, with 4% of the funding set aside for insurance against weather-related losses. BoA also says it has digitised input distribution through farmer wallets and introduced Know Your Farmer tools to track payments. Other plans include disease-free ginger seedlings, 2,000 tractors for service providers, cargo e-tricycles to cut post-harvest losses, and community hubs offering inputs, mechanisation, produce aggregation and banking services.
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