Nigeria’s smallholder farmers are poised for major relief as the Bank of Agriculture has secured a $1 billion financing deal with the African Export-Import Bank.

The agreement was signed at the ongoing Intra-African Trade Fair 2025 in Algiers, Algeria, by BOA Managing Director, Ayo Sotinrin and Afreximbank Executive Vice President for Intra-African Trade and Export Development, Kanayo Awani.

This was disclosed in a statement on Tuesday by BOA’s Head of Corporate Communication, Maikenti Akila.

According to the statement, the landmark agreement was endorsed under the leadership of Afreximbank President, Prof. Benedict Oramah, who has championed efforts to mobilise resources for boosting Africa’s agricultural value chains and deepening intra-African trade.

The loans will finance inputs such as seeds, fertilisers, and agrochemicals, alongside mechanised services to enhance efficiency and boost yields.

They will also back investments in storage, aggregation, and logistics infrastructure to reduce post-harvest losses, while establishing structured market linkages that connect farmers directly with buyers, processors, and exporters.

“This deal represents a bold step toward building a sustainable future. It provides smallholder farmers with the resources they need to thrive, contributing significantly to national food security and economic growth,” Sotinrin said.

He noted that the partnership aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which places food security and farmer empowerment at the heart of Nigeria’s economic growth strategy.