By Peter Dada
The Bank of Agriculture has called for stronger strategic partnerships and increased capital mobilisation to unlock Nigeria’s vast agricultural potential.
The Managing Director and Chief Executive Officer of the bank, Mr Ayo Sotinrin, made the call while speaking at the Nigeria–United Kingdom Agriculture and Investment Forum, held in London recently.
This was contained in a statement made available to our correspondent on Wednesday by the Team Lead, Corporate Department of the BOA, Ruth Didam.
According to the statement, top government officials, state governors, development finance institutions, and industry leaders from both Nigeria and the U.K. gathered at the forum to explore investment opportunities in Nigeria’s agricultural sector.
The event was themed, ‘Bridging the gap: financing climate-resilient agriculture in Nigeria’.
The BOA boss noted that Nigeria possesses over 80 million hectares of arable land and a population of more than 220 million people, describing the country as one of Africa’s most promising agricultural frontiers, hence the need for collaboration to develop the sector.
“The scale of transformation required in mechanisation, irrigation, post-harvest infrastructure, climate-resilient technologies, and digital agricultural services goes beyond the capacity of any single institution, necessitating strong, purpose-driven partnerships,” he stated.
According to him, however, the country is blessed with human resources as well as market potential for agricultural business to thrive, but there is a challenge of access to capital for mobilisation.
“The country has land, labour, and market potentials, but the critical gap remains access to capital,” he noted.
Sotinrin also pointed out that the Nigeria–UK relationship is longstanding and mutually beneficial, calling on stakeholders to align London’s capital, expertise, and innovation with Nigeria’s agricultural opportunities.
He lauded the co-conveners of the investment forum, including the African Business Roundtable, the National Agricultural Development Fund, and the National Agricultural Land Development Authority, as well as the Federal Government and delegates for their commitment to advancing Nigeria’s agricultural transformation.
The Nigerian delegation at the forum, Sotinrin said, reflected a broad-based commitment to “advancing the country’s agricultural transformation agenda through international collaboration.”
