BOA Drives Nigeria-UK Partnership for Climate-Resilient Agriculture
The Managing Director and Chief Executive Officer of the Bank of Agriculture, Ayo Sotinrin, has emphasized the urgent need for enhanced strategic collaborations and greater capital mobilization to fully unlock Nigeria's extensive agricultural capabilities. Sotinrin delivered this message during his opening remarks at the Nigeria–United Kingdom Agriculture and Investment Forum, which took place in London. The event attracted a distinguished assembly of top government officials, state governors, representatives from development finance institutions, and industry leaders, all focused on exploring investment prospects within Nigeria's agricultural sector.
Forum Focus on Financing Climate-Resilient Agriculture
According to a statement released by Ruth Didam, Team Lead of the Corporate Department at the Bank of Agriculture, the forum was themed "Bridging the Gap: Financing Climate-Resilient Agriculture in Nigeria." Key participants included the Minister of Agriculture and Food Security, Abubakar Kyari, and UK government representatives such as former Member of Parliament Rt Honourable Mark Simmonds. Sotinrin pointed out that Nigeria boasts over 80 million hectares of arable land and a population exceeding 220 million people, positioning the nation as one of Africa's most promising agricultural frontiers.
However, he stressed that despite the country's abundant land, labor, and market potential, a significant obstacle remains: access to sufficient capital. Sotinrin explained that the transformation required in areas like mechanization, irrigation, post-harvest infrastructure, climate-resilient technologies, and digital agricultural services surpasses the capacity of any single institution. This underscores the necessity for robust, purpose-driven partnerships to address these challenges effectively.
Global Momentum and Investment Opportunities
Sotinrin highlighted the increasing global momentum toward climate financing, noting that outcomes from COP30 have reinforced commitments to mobilize over $1.3 trillion annually for developing economies. He asserted that Nigeria's agricultural sector offers a viable and profitable channel for deploying such funds, with substantial returns anticipated across the entire value chain. Addressing UK investors directly, Sotinrin described the Nigeria–UK relationship as longstanding and mutually beneficial. He urged stakeholders to align London's capital, expertise, and innovative capabilities with Nigeria's agricultural opportunities.
"This is not charity. This is one of the most compelling investment frontiers in the world," Sotinrin declared, emphasizing the importance of achieving tangible outcomes. These include signed agreements, increased capital flows, and strengthened food systems to ensure sustainable agricultural development.
Appreciation and Collaborative Efforts
Sotinrin expressed gratitude to the co-conveners of the forum, which included the African Business Roundtable, the National Agricultural Development Fund, and the National Agricultural Land Development Authority. He also thanked the Federal Government and all delegates for their dedication to advancing Nigeria's agricultural transformation. The Nigerian delegation at the forum comprised senior government officials, policymakers, representatives from key agricultural and financial institutions, and industry captains. This broad-based participation reflects a strong commitment to advancing the country's agricultural transformation agenda through international collaboration and strategic partnerships.
