The United Nations Development Programme (UNDP) and Nigeria's Bank of Agriculture (BOA) have signed a Memorandum of Understanding to collaborate on transforming the country's agricultural sector. The partnership, announced in Abuja, aims to strengthen the BOA's institutional capacity and expand access to finance for farmers and agricultural value chains.
The agreement focuses on supporting the BOA's ongoing institutional reforms, enhancing its digital financial services, and developing innovative financing models. This collaboration is designed to increase agricultural productivity, improve food security, and create jobs, aligning with Nigeria's broader economic diversification goals.
UNDP will provide technical expertise to help modernize the bank's operations and risk management frameworks. The partnership seeks to mobilize additional investment into agriculture, which remains a critical sector for Nigeria's economy and employment.
The initiative is part of UNDP's wider support for sustainable development in Nigeria, emphasizing climate-resilient practices and inclusive growth. The Bank of Agriculture, a key government development finance institution, is central to implementing national agricultural policies and reaching smallholder farmers.
