The Federal Government, through the Bank of Agriculture (BOA), has rolled out a major tractor and mechanisation intervention expected to support more than 1.2 million farmers across Nigeria during the current wet season farming cycle.
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The intervention forms part of broader agricultural support initiatives introduced by the Federal Government to improve food production, strengthen food security and increase farmers’ access to financing and mechanised farming services.
Managing Director of BOA, Ayodele Sotinrin, disclosed the development in a statement issued on Tuesday by the bank’s Team Lead, Corporate Communications Department, Ruth Didam.
According to Sotinrin, the intervention aligns with President Bola Tinubu’s agricultural agenda aimed at reducing food inflation, improving rural productivity and expanding financial inclusion for farmers across the country.
He said mechanisation remains one of the biggest challenges facing Nigeria’s agricultural sector, noting that the country currently has a tractor density of just 0.27 tractors per 100 square kilometres.
To address the challenge, the BOA has deployed 2,000 tractors sourced from Belarus to qualified service providers capable of covering large farming areas.
“Mechanisation remains a major focus and Nigeria has a low tractor density of 0.27 per 100 square kilometres,” Sotinrin said.
“To address this, the bank has deployed 2,000 high-durability tractors sourced from Belarus to service providers who must demonstrate the capacity to mechanise at least 600 hectares each.
“The initiative is expected to support more than 1.2 million farmers during the current wet season.”
The BOA boss said the intervention is designed to improve land preparation, reduce farming delays and help farmers increase productivity during the planting season.
He added that the Federal Government is also introducing a Guaranteed Minimum Price mechanism to protect farmers from unstable market pricing and low farm-gate prices after harvest.
Under the arrangement, the government will set price floors for staple crops including maize, rice, soybeans and cassava.
According to him, BOA will purchase excess produce directly from farmers to reduce post-harvest losses and stabilise food prices across the country.
“The bank will purchase excess produce directly from farmers to prevent post-harvest losses and store the commodities in the nation’s 33 silos for future price stabilisation,” he stated.
Sotinrin further explained that BOA has moved away from the traditional direct micro-credit model and is now operating a digital financing system supported by farmer aggregation companies.
He said the bank now uses digital platforms alongside identity verification tools such as the Bank Verification Number (BVN) and National Identification Number (NIN) to onboard farmers and open accounts within minutes.
According to him, the approach is intended to ensure that government-backed financial support gets directly to genuine farmers instead of middlemen.
“The wide-ranging initiatives reflect the Federal Government’s commitment to supporting farmers whose labour ensures Nigerians do not go hungry,” Sotinrin added.
The BOA also announced a ginger revival programme following the fungal disease outbreak that affected ginger production in 2023.
Sotinrin said the programme would replace traditional replanting methods with tissue culture technology as part of efforts to reposition Nigeria’s ginger industry for export growth.
“The programme will replace traditional replanting methods with tissue culture technology, with the goal of expanding the ginger industry from a $300 million sector to a $3 billion export powerhouse by 2028,” he said.
