The Bank of Agriculture (BOA) has secured a $200 million Livelihood Support Fund in partnership with the International Organization for Migration (IOM) to boost economic resilience and provide sustainable livelihoods for displaced persons and migrants across Nigeria.
The fund, formalized through a Memorandum of Understanding signed in Abuja, aims to promote economic inclusion among vulnerable groups.
The agreement was signed by IOM’s Deputy Director General for Operations, Ugochi Daniels, and BOA’s Managing Director and Chief Executive Officer, Ayo Sotinrin.
Speaking during the signing, BOA’s Managing Director, Ayo Sotinrin, described the partnership as an investment in people and national stability.
“This is more than finance; it’s an investment in people and national stability. We view this fund as a crucial step in transforming the landscape of rural poverty,” he said.
“This partnership unlocks productivity through people-centred investment that enables the economic inclusion of migrants and, critically, positions displaced and vulnerable Nigerians as active contributors to rural development and national economic stability under the Renewed Hope Agenda.”
Tackling food insecurity
The collaboration aims to tackle displacement, food insecurity, and rural poverty while empowering affected populations to lead their own recovery.
It aligns with Nigeria’s national development priorities and Agenda 2063 of the African Union, both of which emphasize resilience, self-reliance, and inclusive growth.
Also speaking, Daniels said the partnership reflects a shared commitment to advancing sustainable solutions for migrants and communities affected by displacement.
“By linking migration management with development financing, we can create inclusive economic opportunities that empower people to rebuild their lives, contribute to local economies, and reduce aid dependency,” she said.
Nigeria’s internally displaced persons
The signing comes as Nigeria intensifies efforts to address the root causes of displacement and irregular migration.
The country currently hosts over 3.5 million internally displaced persons (IDPs), many of whom have lost access to land, income, and productive assets due to conflict, climate shocks, and economic disruptions.
The IOM–BOA partnership seeks to bridge critical livelihood gaps through locally driven interventions such as access to agricultural inputs, capacity development, financial inclusion, and market linkages.
According to both organizations, the initiative complements national strategies and aligns with the United Nations Sustainable Development Cooperation Framework (UNSDCF). It could also serve as a model for migration-sensitive development financing across Africa, reinforcing the shared vision of promoting stability and resilience in displacement-affected regions.
What you should know
The latest deal is coming barely five weeks after the BOA secured a $1 billion intervention fund aimed at transforming the fortunes of smallholder farmers and enhancing the entire agricultural value chain from primary production to market access.
- The fund was secured through a strategic partnership with the African Export-Import Bank (Afreximbank), marking a significant step toward achieving national food security and inclusive economic growth.
- This initiative follows the approval by President Bola Tinubu for the establishment of the National Food Security Fund, a revolving matching fund designed in collaboration with state governments.
