Tinubu Approves N1.5 Trillion to Strengthen Agricultural Finance and Empower Youth, Women

President Bola Tinubu has approved the recapitalisation of the Bank of Agriculture (BOA) with ₦1.5 trillion (approximately $1 billion), marking a historic intervention in Nigeria’s agricultural sector.

According to a statement released by the Federal Ministry of Agriculture on Wednesday, the move aims to reposition the BOA as a robust development finance institution that specifically supports youth and women-led agribusinesses through accessible credit and capacity-building.

Minister of Agriculture and Food Security, Abubakar Kyari, described the initiative as a major component of the National Agricultural Technology and Innovation Policy (NATIP), designed to modernise Nigeria’s agriculture through mechanisation, digital tools, and research-commercialisation linkages.

“NATIP serves as a strategic framework to transform agriculture into a tech-driven, youth-focused sector,” Kyari said. “We are creating a system that promotes innovation, increases productivity, and empowers ambition, particularly among women and young people.”

Kyari further noted that since the launch of the National Agribusiness Policy Mechanism in May 2025, efforts are being coordinated under the Presidential Food Systems Coordination Unit to align agricultural financing with delivery goals.

Key elements of the strategy include setting annual lending targets for youth and women-led enterprises, implementing risk guarantees to improve access without driving up costs, and providing both funding and training to ensure recipients can effectively utilise the capital.

Early signs of progress have been recorded, with around 250,000 farmers already benefiting across various states. The minister emphasised that food security and job creation are core elements of President Tinubu’s Renewed Hope Agenda, describing them as intertwined levers for national growth and resilience.

Kyari said, “Food sovereignty means we must reclaim control over what we grow, process, and consume. This investment is about building the capacity of Nigerian farmers and agripreneurs to lead that charge.”

He added that the National Agricultural Development Fund is also securing partnerships to support climate-smart agriculture, post-harvest infrastructure, and rural logistics.