BOA strengthens support for women farmers, targets agricultural input access gap

The Bank of Agriculture (BOA) is intensifying its support for women farmers across Nigeria, focusing on expanding their access to crucial agricultural finance and essential inputs. This strategic push aims to significantly boost food production, fortify rural livelihoods, and enhance women's overall participation within the agricultural value chain.

BOA's statement highlighted persistent barriers that disproportionately affect women farmers, including limited access to finance, vital inputs, modern technology, mechanization, and competitive markets. Recognizing women as a cornerstone of Nigeria's agricultural economy, with estimates from the Food and Agriculture Organization placing their share of the agricultural workforce at up to 70 percent, the bank sees untapped potential for growth.

World Bank data underscores the challenge, revealing that a mere three percent of female farmers in Nigeria are formally integrated into financial systems, a stark contrast to the ten percent of their male counterparts. This gap presents both a significant challenge and a substantial opportunity for BOA to broaden access to agricultural finance in ways that empower women farmers.

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Women are already contributing significantly to agriculture and to Nigeria’s food system. Our responsibility is to ensure that the systems around them give them a better opportunity to produce, grow and participate in the value chain. That means looking beyond credit and addressing the other constraints that affect production.

Ayodeji Sotinrin, Managing Director and CEO of BOA, stressed that expanding agricultural finance must be coupled with a deep understanding of farmers' needs. "Women are already contributing significantly to agriculture and to Nigeria’s food system," Sotinrin stated. "Our responsibility is to ensure that the systems around them give them a better opportunity to produce, grow and participate in the value chain. That means looking beyond credit and addressing the other constraints that affect production."

Sotinrin further explained that agricultural financing extends beyond mere disbursement. "Farmers need access to inputs, mechanization, markets and other support required to turn financing into output. That is the ecosystem we are building at the Bank of Agriculture," he added. Recently, BOA engaged with women farmers in the Bwari Area Council of the Federal Capital Territory, providing them with agricultural inputs to support their current activities, reflecting a commitment to building solutions around the entire production cycle.

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Agricultural financing cannot end with disbursement. Farmers need access to inputs, mechanization, markets and other support required to turn financing into output. That is the ecosystem we are building at the Bank of Agriculture.