BOA Wins Agricultural Finance Institution of the Year at BAFI Awards 2026 The Bank of Agriculture

 

Bank of Agriculture (BOA) has been named Agricultural Finance Institution of the Year at the BusinessDay BAFI Awards 2026 in recognition of its efforts to expand agricultural financing, support smallholder farmers and agribusinesses, and strengthen Nigeria’s food production and market systems.

The recognition comes as the bank continues its restructuring, repositioning and recapitalisation under the leadership of its Managing Director and Chief Executive Officer, Mr Ayo Sotinrin, with a focus on improving governance, operational efficiency and its capacity to finance agricultural activities across the value chain. A major component of the bank’s interventions is the Renewed Hope Smallholder Support and Value Chain Fund (RH-SSVCF), through which more than 400,000 farmers have been onboarded across over 20 states. 

The programme aims to reach two million smallholder farmers nationwide, providing support through agricultural inputs, financing, extension services, farmer aggregation and improved access to markets. Another key initiative is the ₦200 billion Guaranteed Minimum Price (GMP) Programme, launched in September 2026 to strengthen grain aggregation, promote market stability and provide a buyer of last resort for eligible agricultural commodities, including maize, sorghum and soybeans. The programme targets the aggregation of 400,000 metric tonnes of grain and a reach of more than 500,000 farmers, with an estimated potential impact on approximately 11.5 million households.

 The bank noted that these figures represent programme targets and projected reach rather than confirmed outcomes. Under the GMP initiative, structured arrangements involving Farmer Aggregation Companies, commodity buyers and warehouse operators are expected to provide eligible farmers with greater market certainty through guaranteed minimum prices for their produce. 

The programme is also designed to reduce distress sales, strengthen structured commodity trading and improve food availability beyond the harvest season. The award marks a milestone in BOA’s efforts to strengthen agricultural financing and improve support for farmers and agribusinesses across Nigeria. Through its ongoing programmes, the bank is seeking to translate agricultural financing into tangible opportunities for farmers, stronger agricultural value chains and improved livelihoods in rural communities. As it advances its financing interventions, BOA says its focus remains on helping farmers access the resources, services and markets needed to expand production, grow their businesses and contribute to Nigeria’s food security.