The Bank of Agriculture (BOA) has obtained a $200 million Livelihood Support Fund in collaboration with the International Organization for Migration (IOM) to strengthen economic resilience and create sustainable livelihoods for displaced persons and migrants across Nigeria.
The partnership, formalized through a Memorandum of Understanding (MoU) signed in Abuja, seeks to promote economic inclusion among vulnerable communities while addressing food insecurity and rural poverty.
The MoU was signed by Ugochi Daniels, IOM’s Deputy Director General for Operations, and Ayo Sotinrin, BOA’s Managing Director and Chief Executive Officer.
Empowering displaced Nigerians
Speaking at the event, Sotinrin said the initiative represents more than just financial support—it is an investment in human capital and national stability.
“This is more than finance; it’s an investment in people and national stability. We see this fund as a crucial step toward transforming the landscape of rural poverty,” he stated.
He explained that the collaboration will help displaced and vulnerable Nigerians become active contributors to rural development and national economic stability under the Renewed Hope Agenda.
Addressing food insecurity and displacement
The joint effort aims to combat displacement, food insecurity, and rural poverty by empowering affected populations to rebuild their livelihoods through access to agricultural inputs, financial inclusion, capacity development, and market linkages.
The project aligns with Nigeria’s national development priorities and the African Union’s Agenda 2063, which emphasize resilience, self-reliance, and inclusive growth.
Also speaking at the signing, Daniels described the agreement as a step toward linking migration management with development financing.
“By connecting migration management to development finance, we can create inclusive opportunities that empower people to rebuild their lives, contribute to local economies, and reduce dependence on aid,” she said.
Tackling the displacement crisis
Nigeria currently hosts over 3.5 million internally displaced persons (IDPs), many of whom have lost their homes, farmland, and means of livelihood due to conflict, climate shocks, and economic disruptions.
The IOM–BOA partnership aims to close the livelihood gap for these populations by supporting locally driven recovery initiatives. The program also aligns with the United Nations Sustainable Development Cooperation Framework (UNSDCF) and could serve as a model for migration-sensitive development financing across Africa.
Recent BOA funding milestone
This latest fund comes just five weeks after BOA secured a $1 billion intervention fund in partnership with the African Export-Import Bank (Afreximbank). That initiative focuses on transforming smallholder farming, boosting agricultural productivity, and strengthening market access nationwide.
Both efforts support President Bola Tinubu’s National Food Security Fund, a revolving matching fund developed with state governments to drive food sufficiency and inclusive economic growth.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
