By Faridat Salifu
As Ayo Sotinrin assumes the role of Managing Director at the Bank of Agriculture (BOA), a chorus of influential voices across Nigeria’s agricultural and business sectors is calling for a total transformation of the institution and, by extension, the country’s agribusiness landscape.
At the heart of their demands is the $75 billion annual agricultural financing deficit that continues to stifle growth among Africa’s smallholder farmers — the very backbone of the continent’s food supply.
The expectation is clear: the BOA must shed its inertia and pivot toward innovation, inclusiveness, and real impact.
Traditional ruler and agri-economy advocate, the Oloni of Eti-Oni, Oba Dokun Thompson, urged the bank to adopt an “ecosystem approach” that supports not just production but also logistics, storage, and market access. He stressed that the BOA’s role should be developmental — not merely commercial — if it hopes to serve the farmers that keep Nigeria fed.
Criticism of the bank’s past performance came from multiple quarters. From university professors to agribusiness entrepreneurs, the recurring theme was that the BOA has long failed to reach genuine farmers due to red tape, lack of awareness, and unclear processes.
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Professor Abiodun Adeloye of the University of Ilorin was blunt: “A lot of farmers do not get the facility.”
Echoing this, agribusiness leaders like Dr. Abayomi Olaniyan and Leke Oluwatosin described the bank as moribund and disconnected from the needs of producers on the ground.
Meanwhile, industry experts called for strategic financing models tailored to subsectors like livestock, dairy, and organic farming. Diana Akpanya of CODARAN noted the need for “patient capital” in the livestock sector, while Prof. Olugbenga Adeoluwa urged BOA to prioritize organic agriculture for sustainable food systems.
Calls for digital innovation were also prominent. Stakeholders advocated for a nationwide tech-enabled loan system to streamline disbursements, enhance transparency, and ensure support reaches underserved groups including women, youth, and rural cooperatives.
“This is a turning point,” said Prince Ade Ajayi, co-founder of Corporate Farmers International, who praised Sotinrin’s private sector track record and ability to raise capital. “Now is the time for a tech-driven, professional BOA that mirrors the success of the Bank of Industry.”
The message to the new MD is clear: stakeholders expect not only a functional bank, but a bold institution that will lead the charge in unlocking Nigeria’s food potential, empowering smallholder farmers, and fueling sustainable economic growth.
