Maha Christopher
The Federal Government, through the Bank of Agriculture, has unveiled a series of interventions aimed at boosting food production and supporting more than 1.2 million farmers across Nigeria during the current wet season.
According to The Punch, the Managing Director of the Bank of Agriculture, Ayodele Sotinrin, disclosed this in a statement issued on Tuesday by the bank’s Team Lead, Corporate Communications Department, Ruth Didam.
Sotinrin said the initiatives align with President Bola Tinubu’s agricultural agenda aimed at strengthening food security, improving farmers’ incomes and expanding financial inclusion across the country.
“The wide-ranging initiatives reflect the Federal Government’s commitment to supporting farmers whose labour ensures Nigerians do not go hungry,” he said.
He identified mechanisation as a major pillar of the programme, noting that Nigeria currently has a tractor density of just 0.27 per 100 square kilometres.
“To address this, the bank has deployed 2,000 high-durability tractors sourced from Belarus to service providers who must demonstrate the capacity to mechanise at least 600 hectares each.
“The initiative is expected to support more than 1.2 million farmers during the current wet season,” Sotinrin stated.
The BOA boss also announced the introduction of a Guaranteed Minimum Price mechanism designed to protect farmers from low farm-gate prices and reduce post-harvest losses.
“Under the arrangement, the government will set a price floor for staple crops such as maize, rice, soybeans and cassava.
“The bank will purchase excess produce directly from farmers to prevent post-harvest losses and store the commodities in the nation’s 33 silos for future price stabilisation,” he said.
Sotinrin further revealed that the bank had moved away from direct micro-credit lending to a digital ecosystem driven by farmer aggregation companies.
According to him, the bank now uses digital platforms and identity verification tools, including Bank Verification Numbers and National Identification Numbers, to open accounts for farmers within minutes and ensure support reaches genuine producers.
He also announced the launch of a ginger revival programme following the fungal disease outbreak that devastated the crop in 2023.
“The programme will replace traditional replanting methods with tissue culture technology, with the goal of expanding the ginger industry from a $300 million sector to a $3 billion export powerhouse by 2028,” Sotinrin said.
The interventions form part of broader efforts by the Federal Government to increase agricultural productivity, strengthen food security and support economic growth through the agriculture sector.
