AI-Driven N250bn Fund Targets 25M Metric Tonnes of Grain for Nigerian Farmers

The Federal Government of Nigeria has launched a groundbreaking N250 billion agricultural financing model designed to revolutionise credit access for smallholder farmers nationwide.

Operating under the “Renewed Hope Smallholder Support and Value Chain Fund,” the initiative leverages cutting-edge artificial intelligence to fully automate fund disbursement and recovery processes.

Boosting Food Security Through Technology

This digital framework introduces a comprehensive shift in agricultural lending by combining technology, value chain financing, and mechanisation. The primary objective is to skyrocket Nigeria’s annual grain production from its current 11 million metric tonnes to a projected 25 million metric tonnes.

Speaking at a recent media parley, Ayo Sotinrin, the Managing Director and Chief Executive Officer of the Bank of Agriculture (BOA), stated that the government is actively repositioning the bank into a modern development financial institution.

This restructuring aims to efficiently serve millions of farmers across all 36 states.

Phased Rollout to Millions of Farmers

The intervention programme goes beyond financial credit, offering a holistic support system that includes affordable interest rates, high-yield farm inputs, and expert technical assistance.

The deployment of the fund will follow a strategic phased approach:

• Phase One: Immediate rollout targeting 500,000 farmers for the current farming season.
• ⁠Target Milestone: Scaling up to support two million farmers across the federation to drastically scale up domestic food production.