The Bank of Agriculture and AFAN will invest in 400,000 farmers

This initiative is implemented within the framework of the BOA Renewed Hope Smallholder Support and Value Chain Fund. Its main task is to ensure year-round food production, as well as to provide farmers with access to agricultural resources and irrigation equipment. The bank stated this in a Friday statement.

According to the terms of cooperation, the AFAN association will identify and present participants from its national network. The organization will provide data on their location, grown crops, farm sizes, and planned acreage for the dry season. In addition, AFAN will select suitable farmer aggregator companies (FACs) that have verifiable networks of farmers and the ability to coordinate participants. Approved financing will flow through these companies acting as obligors and distributing necessary resources and production materials.

The program also provides for the supply of irrigation kits and equipment, which will help reduce farmers' dependence on precipitation and maintain farm operations during the dry period. BOA Managing Director Ayo Sotinrin noted that such support makes it possible to continue production after the end of the main season, ensuring employment for farmers and stable food supplies for every Nigerian.

Before receiving funds, all participating producers and aggregator companies will have to undergo verification, due diligence, and creditworthiness assessment in accordance with the bank's requirements. The initiative is designed to help farmers who face limitations in access to credit and a lack of irrigation infrastructure.