Tinubu Injects ₦1.5trn into BOA to Boost Agribusiness, Food Security

President Bola Ahmed Tinubu has approved a landmark ₦1.5 trillion recapitalisation of the Bank of Agriculture (BOA) to transform Nigeria’s agricultural sector, deepen food security, and create millions of jobs.

The massive funding package, the largest single investment in agricultural finance in the nation’s history, is part of the administration’s Renewed Hope Agenda, which prioritises food sovereignty, mechanisation, and agribusiness development.

Announcing the move, Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the recapitalisation would expand affordable credit to farmers, especially youth- and women-led enterprises, while accelerating agricultural mechanisation, digital innovation, and value-chain development.

“The Bank of Agriculture will now be in a stronger position to support our farmers, cooperatives, and agro-allied industries with accessible loans and capacity-building programmes,” Kyari stated. “This will drive productivity, reduce post-harvest losses, and improve incomes for rural households.”

The funding also complements over ₦200 billion in other agricultural interventions, including fertiliser distribution, storage infrastructure, and climate-smart farming initiatives.

Nigeria is also strengthening regional partnerships under ECOWAS, with ongoing collaborations with The Gambia and other West African states to promote cross-border food security and trade.

Agriculture stakeholders have hailed the recapitalisation as a “game-changer,” noting that the BOA’s renewed capacity could reposition Nigeria as a regional leader in food production and agricultural exports.