The Federal Government, through the Bank of Agriculture (BOA), has launched a series of agricultural interventions aimed at increasing food production and supporting more than 1.2 million farmers during the ongoing wet season.
According to a statement issued on Tuesday by the bank’s Corporate Communications Team Lead, Ruth Didam, the BOA Managing Director said the initiatives align with the administration’s drive to strengthen food security, improve farmers’ earnings, and expand access to financial services.
The BOA chief explained that mechanisation remains a key component of the programme, noting that Nigeria’s tractor density remains low at 0.27 tractors per 100 square kilometres. To address this challenge, the bank has deployed 2,000 tractors sourced from Belarus to qualified service providers capable of mechanising at least 600 hectares each.
He stated that the intervention is expected to benefit over 1.2 million farmers across the country during the current farming season.
As part of efforts to stabilise food prices and protect farmers from market fluctuations, the government is also introducing a Guaranteed Minimum Price system for major staple crops, including maize, rice, soybeans, and cassava.
Under the arrangement, excess produce will be purchased directly from farmers and stored in the country’s 33 silos to reduce post-harvest losses and support future price stabilisation efforts.
The bank further disclosed that it has shifted from direct micro-credit lending to a digital financing model that works through farmer aggregation companies. The system leverages digital platforms and identity verification tools such as the Bank Verification Number (BVN) and National Identification Number (NIN) to open bank accounts for farmers quickly and ensure financial support reaches genuine producers.
In addition, the BOA announced the launch of a ginger revival programme following the fungal disease outbreak that affected the crop in 2023. The initiative will utilise tissue culture technology to improve production, with the goal of expanding Nigeria’s ginger industry from an estimated $300 million sector to a $3 billion export industry by 2028.
The bank said the interventions reflect the Federal Government’s commitment to supporting farmers and strengthening the nation’s agricultural sector.
