The Bank of Agriculture (BOA), in partnership with WACOT Limited, has launched the Renewed Hope Smallholder Farmer Support and Value Chain Programme in Jigawa State, reaffirming its commitment to improving food security, increasing farm productivity and boosting the incomes of smallholder farmers across Nigeria.
Speaking at the flag-off ceremony, BOA Executive Director of Operations and Technology, Mr Tosin Salami, representing the bank’s Managing Director, Mr Ayo Sotinrin, described the initiative as a modern agricultural financing model built on collaboration between government, financial institutions and the private sector. He explained that the programme combines financing, extension services, agronomic support and guaranteed market access to help farmers achieve higher yields and better returns.
According to Salami, the nationwide initiative will support more than two million smallholder farmers across over 20 states through the distribution of over 10 million bags of fertiliser, improved seeds and structured financing, with more than one-third of beneficiaries being women. About 200,000 farmers are expected to benefit during the current farming season, with the target increasing to 500,000 during the dry season.
He noted that each beneficiary will receive improved seeds, two to three bags of fertiliser and about 20 litres of agrochemicals, with each package valued at approximately ₦500,000. Offered as a single-digit loan at nine per cent interest, the programme is designed to help farmers raise yields from about one tonne per hectare to between three and five tonnes, while generating projected earnings of around ₦1.5 million per farming cycle.
WACOT Limited Managing Director Mr Naveen Chaurasia said the company would continue supporting farmers through quality inputs, improved farming methods and structured out-grower schemes for sesame, rice and soybean production. He stressed that better farming practices and quality inputs remain essential to increasing productivity and improving farmers’ incomes.
The Gumel Emirate Council welcomed the initiative, describing it as a major boost for farming communities. The council urged farmers to repay their loans promptly and appealed for expanded agricultural insurance to protect farmers from losses caused by natural disasters.
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