BoA, WACOT unveil loan scheme for farmers
The Bank of Agriculture (BoA), in collaboration with WACOT Limited, has launched the distribution of agricultural inputs to smallholder farmers in Jigawa State under the Federal Government’s Renewed...
The Bank of Agriculture (BoA), in collaboration with WACOT Limited, has launched the distribution of agricultural inputs to smallholder farmers in Jigawa State under the Federal Government’s Renewed Hope Smallholder Farmer Support and Value Chain Programme, aimed at raising farm productivity, strengthening food security and improving rural livelihoods.
Speaking at the inauguration of the programme in the state, the Managing Director and Chief Executive Officer, Ayo Sotinrin, said the initiative introduces a more integrated approach to agricultural financing by combining public and private sector support.
Represented by Executive Director, Operations and Technology at BoA, Tosin Salami, the CEO explained that beyond providing farming inputs, the programme links farmers with credit facilities, extension services, technical guidance and market opportunities to improve productivity and profitability.
According to Salami, the partnership with WACOT Limited will ensure beneficiaries receive certified seeds, fertilisers, agrochemicals, agronomic advisory services and access to guaranteed off-takers for their produce.
He said the nationwide intervention is expected to reach more than 2 million smallholder farmers across over 20 states through the supply of more than 10 million bags of fertiliser, improved seeds and structured financing, with women accounting for over one-third of the beneficiaries.
Salami said approximately 200,000 farmers would benefit during the current wet season, while the target is projected to increase to 500,000 during the dry season farming cycle.
He noted that the programme is designed to significantly improve crop yields, explaining that farmers currently producing between one and one-and-a-half tons per hectare could increase output to between three and five tons through the use of hybrid seeds, quality inputs and proper agronomic practices.
The BoA official also revealed plans to expand irrigation support to enable all-year-round farming, allowing farmers to cultivate multiple times annually instead of depending solely on the rainy season.
He said each beneficiary would receive an input package comprising improved seeds, two to three bags of fertiliser and about 20 litres of agrochemicals.
Salami clarified that the intervention is a loan scheme rather than a grant, with beneficiaries accessing financing at a single-digit interest rate of nine per cent through Federal Government intervention funds.
According to him, each package is valued at roughly ₦500,000, while participating farmers are expected to generate up to ₦1.5 million by the end of the production cycle.
He explained that the facilities have a nine-month repayment period and are channelled through accredited farmer aggregation companies, including WACOT Limited, instead of being disbursed directly to individual farmers.
Salami urged beneficiaries to honour their repayment obligations, noting that prompt repayment would preserve the revolving fund and make it possible for additional farmers to benefit from future phases of the programme.
He commended the Jigawa State Government under Governor Umar Namadi for its commitment to agricultural development through investments in extension services, irrigation and climate-resilient farming, while also praising President Bola Tinubu’s Renewed Hope Agenda for prioritising food production and agricultural financing.
Managing Director of WACOT Limited, Naveen Chaurasia, reaffirmed the company’s commitment to supporting farmers with quality agricultural inputs, improved production techniques and structured out-grower programmes for sesame, rice and soybean cultivation.
He identified substandard farm inputs and poor agronomic practices as major constraints to agricultural productivity, stressing that the initiative seeks to address both challenges simultaneously.
“Our focus is to ensure farmers have access to quality inputs and understand the right farming practices. Improved input use and better agronomic methods will translate into higher yields and better incomes,” he said.
Chaurasia encouraged beneficiaries to avoid counterfeit inputs and embrace modern farming techniques to maximise returns from the programme.
Representing the Gumel Emirate Council, Alhaji Musa Ayuba described the intervention as a significant boost for farming communities within the emirate, noting that agriculture remains the backbone of the local economy.
He said Gumel’s long-standing reputation as a major sesame-producing area positioned it to benefit substantially from the programme, adding that increased production would also strengthen Nigeria’s export earnings.
Ayuba appealed to the Bank of Agriculture to sustain affordable agricultural financing and explore wider insurance coverage to protect farmers against weather-related risks and other unforeseen losses.
He also assured the bank of the traditional institution’s support in mobilising farmers to participate in the programme, repay the loans and further strengthen Gumel’s standing as one of the country’s leading sesame-producing hubs.
