By Stella Odueme
The Bank of Agriculture (BOA) has emerged as the Agricultural Finance Institution of the Year at the 2026 BusinessDay BAFI Awards, in recognition of its efforts to improve access to agricultural financing and strengthen Nigeria’s agricultural value chain.
The award acknowledges the Bank’s interventions in supporting smallholder farmers, promoting agribusiness development and enhancing food production and market stability across the country.
The recognition comes amid ongoing institutional reforms, repositioning and recapitalisation efforts under the leadership of the Managing Director and Chief Executive Officer, Mr. Ayo Sotinrin.
The reforms are aimed at strengthening corporate governance, improving operational efficiency and expanding the Bank’s capacity to provide financing for agricultural production, processing, aggregation and marketing.
As part of its interventions, the Bank has onboarded more than 400,000 farmers across over 20 states through the Renewed Hope Smallholder Support and Value Chain Fund (RH-SSVCF).
The initiative targets two million smallholder farmers nationwide, with provisions for agricultural inputs, financing, extension services, farmer aggregation and improved access to markets.
Another major intervention is the ₦200 billion Guaranteed Minimum Price (GMP) Programme, launched in September 2026 to improve grain aggregation, stabilise markets and provide a buyer of last resort for eligible commodities, including maize, sorghum and soybeans.
Under the programme, the Bank aims to aggregate 400,000 metric tonnes of grains and reach more than 500,000 farmers, with a projected impact on approximately 11.5 million households.
The Bank noted that the figures represent programme targets and projected reach rather than confirmed results.
The Guaranteed Minimum Price Programme is being implemented through structured arrangements involving Farmer Aggregation Companies, commodity buyers and warehouse operators.
The initiative is designed to establish a guaranteed minimum price for eligible produce, helping farmers reduce distress sales while improving confidence in agricultural markets.
It is also expected to strengthen structured commodity trading and support the availability of food commodities beyond the harvest season.
The award represents a significant milestone in the Bank’s efforts to reposition agricultural financing as a tool for improving farmers’ productivity, strengthening commodity value chains and enhancing rural livelihoods.
With its ongoing financing initiatives, the Bank of Agriculture is seeking to expand opportunities for farmers and agribusinesses while contributing to Nigeria’s broader food security objectives.
