Bank of Agric urged to maintain tempo of 200bn guaranteed minimum agric scheme

From Okwe Obi, Abuja

The Bank of Agriculture (BOA) has actually been prompted to keep the pace of supporting 400,000 smallholder farmers onboarded and a 200 billion Guaranteed Minimum Price Programme.

This is even as it was identified as the Agricultural Finance Institution of the Year at business Day BAFI Awards 2026.

In a declaration by the BOA, the acknowledgment comes as the Bank continues its institutional restructuring, rearranging and recapitalisation under the management of its Managing Director and Chief Executive Officer, Ayo Sotinrin.

It stated the change concentrates on reinforcing governance, enhancing functional effectiveness, and broadening the Bank’s capability to fund farming production and organizations throughout the worth chain.

According to it, through the Renewed Hope Smallholder Support and Value Chain Fund (RH-SSVCF), the Bank has actually onboarded over 400,000 farmers throughout more than 20 states.

It included that the program has a more comprehensive target of reaching 2 million smallholder farmers across the country, with assistance for farming inputs, funding, extension services, farmer aggregation and market gain access to.

“Another significant part of the Bank’s present farming funding efforts is the 200 billion Guaranteed Minimum Price (GMP) Programme, released in September 2026. The program is created to enhance grain aggregation, assistance market stability and supply a purchaser of last option for qualified grains, consisting of maize, sorghum and soybeans.

“The program intends to aggregate 400,000 metric tonnes of grain and reach more than 500,000 farmers, with an approximated prospective effect on around 11.5 million homes. These are program targets and predicted reach figures, instead of validated results.

“Through structured plans including Farmer Aggregation Companies, product purchasers and storage facility operators, the Guaranteed Minimum Price Programme is planned to offer qualified farmers higher self-confidence in the market by developing an ensured flooring cost for their fruit and vegetables.

“The effort likewise looks for to lower distress sales, enhance structured product trading and support the accessibility of food beyond the harvest duration.

“The acknowledgment at the BAFI Awards 2026 marks an essential turning point in this work. For BOA, the concern stays equating farming funding into useful chances for farmers, more powerful worth chains and enhanced incomes for rural neighborhoods.

“As the Bank advances its funding programs, it stays concentrated on assisting farmers gain access to the resources and markets they require to grow their services and add to Nigeria’s food security,” the declaration checked out.