… releases ₦30bn
President Bola Tinubu, has directed the Bank of Agriculture (BOA) to settle outstanding arrears owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP), following the release of ₦30 billion from the African Development Bank (AfDB).
The directive, aimed at fast-tracking support for farmers and stabilising Nigeria’s food supply chain, also designates BOA as custodian of all agricultural financing programme funds.
The move is regarded as a turning point for the sector, with BOA tasked to ensure smooth and timely disbursement of funds to critical stakeholders in food production.
The bank has pledged to execute the approved payment schedule with urgency, using its robust electronic wallet system to ensure all compliant agro-dealers are paid within 24 hours. BOA also committed to providing weekly progress updates until completion.
The announcement was contained in a statement signed by BOA’s External Media Relations Lead, Judith Ekwebelem, who confirmed that the ₦30 billion represents the second tranche released by AfDB for the implementation of NAGS-AP.
According to the statement, the funds are targeted at settling outstanding obligations from the 2024 dry and wet season programmes.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, O.F.R., directed that the process be treated with the “highest priority.”
Accordingly, the NAGS-AP Secretariat and BOA formally kicked off the exercise on 18th September 2025 with the handover of beneficiary data.
The Managing Director/Chief Executive of BOA, Mr Ayo Sotinrin, described the appointment as a historic responsibility.
“This is a truly defining moment for our agricultural sector. This is more than just a fund; it is a bold commitment to ensuring our nation’s food security,” he said.
“By working hand-in-hand with the NAGS-AP team, we are cutting through bureaucratic delays to get payments directly to agro-dealers and suppliers. We are unlocking opportunities for farmers to move beyond subsistence farming into sustainable and profitable agribusiness.”
The statement further outlined the conditions for pre-qualified and registered agro-dealers and suppliers eligible for payment under the scheme. These include:
Opening a BOA account, a mandatory step for claim processing. Registration is free and can be completed online.
Being selected under the NAGS-AP scheme prior to 2025, as no new applications are being accepted.
Having received at least one payment under the scheme.
Completing account activation to enable rapid processing, with claims settled within one business day once verified.
Sotinrin urged all beneficiaries to comply without delay, warning that failure to do so could result in processing setbacks.
The Bank of Agriculture expressed appreciation to President Tinubu and the Ministers of Finance and Agriculture for what it described as a “crucial national assignment,” pledging to deliver on its mandate of driving Nigeria’s agricultural transformation.
