By Faridat Salifu
The Bank of Agriculture (BOA) and the International Organization for Migration (IOM) are to establish a $200 million Livelihood Support Fund aimed at strengthening economic resilience and supporting displaced persons and migrants across Nigeria.
The two parties, who sealed a Memorandum of Understanding (MOU) in Abuja for that purpose, said the fund is to promote inclusive growth and empower vulnerable populations to rebuild their lives.
Speaking at the MoU signing, Ayo Sotinrin, Managing Director and Chief Executive Officer of BOA, described the initiative as an investment in people and national stability.
“This is more than finance; it’s an investment in people and national stability. We view this fund as a crucial step in transforming the landscape of rural poverty,” the BOA boss said.
He expressed optimism that the partnership would unlock productivity through people-centred investments that enable displaced Nigerians to become active contributors to national development under the Renewed Hope Agenda.
On her part, Ugochi Daniels, IOM’s Deputy Director General for Operations, said the collaboration demonstrates a shared commitment to advancing sustainable solutions for migrants and displaced communities.
“By linking migration management with development financing, we can create inclusive economic opportunities that empower people to rebuild their lives, contribute to local economies, and reduce aid dependency,” Daniels stated.
The initiative targets the over 3.5 million Internally Displaced Persons (IDPs) in Nigeria who have lost access to land, livelihoods, and income due to conflict, climate shocks, and economic disruptions.
It will also provide agricultural inputs, financial inclusion programs, and capacity-building support to promote self-reliance.
The partnership also aligns with Nigeria’s national development priorities, the African Union’s Agenda 2063, and the United Nations Sustainable Development Cooperation Framework (UNSDCF), positioning it as a model for migration-sensitive financing across Africa.
This new deal follows BOA’s recent $1 billion intervention fund secured in collaboration with the African Export-Import Bank (AFREXIMBANK), designed to boost smallholder farming, value chain expansion, and national food security under President Bola Tinubu’s National Food Security Fund initiative.
