Victoria Mgbanwa
President Bola Ahmed Tinubu has approved the recapitalization of the Bank of Agriculture (BOA) with ₦1.5 trillion (approximately $1 billion), marking the largest investment in agricultural finance in the country’s history.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced this landmark decision at a high-level policy dialogue hosted by the African Development Bank (AfDB) in Abuja.
The dialogue, themed “Bridging the Gap: Access to Finance, Empowering Youth and Women for Agribusiness Success,” brought together stakeholders committed to transforming Nigeria’s food systems.
Kyari stated that the recapitalization would position the BOA as a dynamic development finance institution, explicitly targeting youth and women-led agribusinesses.
“This is not just about credit it’s about building capability, boosting productivity, and creating sustainable livelihoods,” he said.
He explained that beyond funding, the BOA will offer capacity development programs aimed at equipping new-generation agripreneurs with the tools and knowledge to thrive in a competitive agribusiness ecosystem.
The Minister emphasized that this initiative is part of a broader strategy under the National Agricultural Technology and Innovation Policy (NATIP), which aims to make agriculture more tech-enabled, youth-driven, and commercially viable.
“With NATIP, we are building that system, one that supports youth innovation, unlocks productivity, and rewards ambition. We must now ensure it delivers at scale’,” Kyari noted.
He added that the newly introduced National Agribusiness Policy Mechanism (NAPM) launched in May and coordinated by the Presidential Food Systems Coordination Unit (PFSCU) is already making an impact in several states, reaching over 250,000 farmers.
To further drive financial inclusion and sustainability, Kyari stressed the need for financial institutions to design flexible lending mechanisms that consider cash flow realities, not just collateral.
“To translate these bold institutional reforms into real impact, we must now set clear delivery expectations. That means establishing annual lending targets for youth and women-led agribusinesses,” he said.
According to the Minister, the National Agricultural Development Fund (NADF) is also forging new partnerships to finance climate-smart agriculture, develop aggregation centers, storage hubs, and rural logistics systems that drive value addition and market competitiveness.
Reflecting on the broader national agenda, Kyari said President Tinubu’s Renewed Hope Agenda aligns food security and job creation as strategic tools for economic diversification and social stability.
“Food sovereignty is not just a slogan it’s about reclaiming control over what we grow, process, and consume as a nation,” he affirmed.
As Nigeria charts a bold path toward agricultural self-reliance, this multi-tiered approach anchored on policy, financing, and innovation signals a new era for young and female agripreneurs across the country.
