Supporting Industrialization to Increase Efficiency and Output
Agriculture is an important sector of the economy with high potential for employment generation, food security and poverty reduction. Although the sector was largely dominated by subsistence farming, with improved seedlings, modern farming methods and better weather forecasting, agricultural yields have continued to grow.
Nigeria has an arable land area of 34 million hectares: 6.5 million hectares for permanent crops, and 28.6 million hectares for meadows and pastures. The country has historically been a leading producer of palm oil, cocoa beans, pineapple, and sorghum.
The sector’s contribution to GDP in FY’21 was 25.88%, second to the service sector and affirming its position as a key sector in the Nigerian economy. With the increasing population, estimated to reach 400 million by 2050, enhancing productivity in agriculture through the adaptation of new technologies and innovations is necessary to ensure food security and good nutrition.
Through BOI’s mandate to support industrialisation, enterprises in the agricultural value chain are given the necessary support that will enable them to increase their output.
In 2021, BOI disbursed N3.0 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) programme. This initiative has improved the output of smallholder farmers and enabled them to provide quality raw material inputs required by our customers. Additionally, the bank also funded 49 agro and food processing businesses with N59.4 billion in loans. Our efforts in the agriculture industry led to the creation of an estimated 286,561 jobs.
Agriculture Industry Products
Supporting industrialization to increase efficiency and output
We believe that supporting critical industries such as agriculture is necessary to achieve our goal of economic transformation. Let us work with you to achieve success and sustainable growth.