The Bank of Agriculture and AFAN have partnered to finance 400,000 farmers for the 2026 dry season, including support for irrigation equipment and farm inputs.
The Bank of Agriculture (BOA) has partnered with the All-Farmers Association of Nigeria (AFAN) to provide financing for 400,000 farmers ahead of the 2026 dry-season farming cycle.
The initiative, being implemented under BOA’s Renewed Hope Smallholder Support and Value Chain Fund, is aimed at supporting year-round food production and improving farmers’ access to agricultural inputs and irrigation equipment. Through the fund, the bank is developing a pipeline of farmers already engaged in production who require financing to sustain or expand their operations during the dry season.
The bank disclosed this in a statement on Friday, titled “Bank of Agriculture, AFAN Partner to Expand Access to Dry Season Financing for 400,000 Farmers.”
How the Partnership Will Work
Under the partnership, AFAN will identify and present credible farmers within its national network, providing details including their locations, commodities, farm sizes and proposed dry-season acreage.
The association will also identify suitable Farmer Aggregation Companies (FACs) with verifiable farmer networks and the capacity to coordinate participating farmers. According to the statement, approved financing will be provided to eligible farmers through the suitable FACs, which will serve as obligors and coordinate the allocation of approved inputs and other production requirements.
The programme will also provide irrigation toolkits and other irrigation equipment to help farmers reduce their dependence on rainfall and sustain production during the dry season.
Why the Bank Is Doing This
BOA Managing Director Ayo Sotinrin said the initiative would help farmers continue production beyond the main farming season.
“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,” he said.
Sotinrin added that the partnership with AFAN would strengthen the bank’s ability to reach credible farmers at scale and build a stronger pipeline for agricultural financing.
Vetting and Eligibility
The bank said participating farmers and aggregation companies would undergo verification, due diligence and credit assessment in line with its policies and requirements. It added that participation would be subject to satisfactory assessment and approval by the bank.
Context
The partnership is part of BOA’s broader efforts to expand agricultural financing and support year-round farming, as farmers contend with limited irrigation infrastructure and access to credit. It also comes against the backdrop of a federal government plan, announced in 2024, to merge BOA with the Central Bank of Nigeria’s NIRSAL agency as part of a wider restructuring of government-backed agricultural finance institutions. Sotinrin was appointed BOA’s Managing Director by President Bola Tinubu in April 2025.
