BOA partners NAF to finance farming for officers

The Bank of Agriculture has partnered the Nigerian Air Force Farms and Agro-Allied Services to expand access to concessional financing and boost agricultural productivity within the military farming ecosystem.

The collaboration is aimed at strengthening agricultural operations across Nigerian Air Force (NAF) farms through structured financial support.

This was contained in a statement issued on Saturday by the Team Lead, Corporate Communication Department of BOA, Ruth Didam.

According to the statement, the agreement followed a meeting between the Managing Director/Chief Executive Officer of BOA, Mr Ayo Sotinrin, and the leadership of the NAF farming unit.

At the meeting, both institutions identified areas of collaboration where BOA’s agricultural finance mandate could support the Air Force’s farming programmes.

“At the meeting, both organisations aligned on key objectives, identifying areas where BOA’s mandate as an agricultural development finance institution can directly support the operational and strategic goals of the Air Force’s farming programmes.

“A major outcome of the engagement was an agreement to provide concessional financing for the procurement of quality agricultural inputs, including seeds, fertilisers, crop protection products and soil amendments.

“The partnership will also facilitate access to financing for mechanisation such as tractors, harvesters, irrigation systems and processing equipment to modernise NAF farm operations and increase output,” he said.

Both organisations also agreed to establish credit facilities tied to agricultural production cycles, allowing repayment to align with harvest periods.

They further resolved to utilise available Nigerian Air Force land for agricultural purposes, citing its security advantage for investment.

According to the statement, the programme will also channel financial incentives through the NAF Microfinance Bank.

The initiative is expected to benefit serving officers engaged in farming, retired personnel, women officers and spouses involved in agricultural activities.

BOA and NAF are expected to formalise the partnership through a Memorandum of Understanding, with technical working groups to develop financing frameworks and implementation guidelines.