The Bank of Agriculture (BOA) has entered into a strategic partnership with the Nigerian Air Force Farms and Agro-Allied Services to expand access to concessional financing with a view to boost agricultural productivity within the military’s farming ecosystem.

This was part of a high-level meeting between Managing Director/Chief Executive Officer of BOA, Ayo Sotinrin, and the leadership of the Nigerian Air Force farming unit with focus on the utilisation of unused Nigerian Air Force lands.

A statement made available to journalists in Benin City and signed by BOA Head of Corporate Communication Department, Ruth Didam, said the meeting was to explore institutional cooperation aimed at strengthening agricultural operations across NAF farms.

The statement said both organisations identified areas where the BOA could directly support the operational and strategic goals of the Air Force’s farming programmes.

It said the BOA agreed to provide concessional financing for the procurement of quality agricultural inputs, including seeds, fertilisers, crop protection products and soil amendments.

The BOA, according to the statement, would facilitate access to financing for mechanisation such as tractors, harvesters, irrigation systems and processing equipment to modernise NAF farm operations and increase output.

Another agreement was for the establishment of structured credit facilities tied to agricultural production cycles to ensure flexible repayment timelines linked to harvest periods.

According to the statement, “Both parties also resolved to develop a bespoke concessional financing programme tailored to the specific agricultural needs and operational context of Nigerian Air Force farming beneficiaries.

“The BOA Managing Director said the collaboration also aims to build a self-sustaining agricultural value chain within the Air Force community, contributing to national food security, economic empowerment and income diversification for military families.

“Both organisations have committed to formalising the partnership through a Memorandum of Understanding, while technical working groups will be constituted to develop the financing framework, eligibility criteria and disbursement protocols.”