400,000 Farmers to Access Dry Season Financing Via BOA, AFAN Alliance

The Bank of Agriculture (BOA) has announced a strategic partnership with the All-Farmers Association of Nigeria (AFAN) to extend financial support to 400,000 farmers, specifically targeting the 2026 dry-season farming period. This collaborative effort, implemented under the BOA’s Renewed Hope Smallholder Support and Value Chain Fund, is designed to foster continuous food production throughout the year and improve farmers' ability to acquire vital agricultural inputs and modern irrigation equipment. The bank formally disclosed this development in a statement issued on Friday.

Under the framework of this alliance, AFAN will undertake the responsibility of identifying and presenting farmers from its extensive national network. This process will include gathering critical data such as their geographical locations, the specific commodities they cultivate, their current farm sizes, and the proposed acreage for dry-season activities. Additionally, the association will be tasked with pinpointing suitable Farmer Aggregation Companies (FACs) that possess verifiable farmer networks and the operational capacity to effectively coordinate participating farmers.

According to the official statement, approved financing will be channeled to eligible farmers through these designated FACs. These aggregation companies will serve as obligors and play a crucial role in orchestrating the allocation of approved inputs and other necessary production resources. A key component of the programme is the provision of irrigation toolkits and other essential irrigation equipment, which aims to lessen farmers' reliance on erratic rainfall and enable them to sustain agricultural output during the dry spell.

Mr. Ayo Sotinrin, the Managing Director of BOA, emphasized that this initiative would empower farmers to sustain their production activities beyond the customary main farming season. He stated, “Dry season farming allows us to keep production going beyond the main farming season. Our responsibility is to ensure that farmers who are ready and able to produce have access to the financing, inputs and irrigation equipment they need to do so. By supporting production throughout the year, we are supporting farmers’ livelihoods while contributing to a more reliable supply of food for every Nigerian.”

Sotinrin further highlighted that the collaboration with AFAN would significantly enhance the bank’s capacity to reach a vast number of farmers and cultivate a more robust pipeline for agricultural financing across the nation. The bank also specified that all participating farmers and aggregation companies would undergo rigorous verification, due diligence, and credit assessment processes, in strict adherence to its established policies and requirements. Final participation is subject to satisfactory assessment and subsequent approval by the bank.

This partnership represents a vital part of BOA’s broader strategy to expand agricultural financing opportunities and champion year-round farming practices, particularly as farmers nationwide continue to contend with inadequate irrigation infrastructure and restricted access to credit facilities.