The International Organisation for Migration (IOM) and Nigeria’s Bank of Agriculture Limited (BOA) have signed a landmark $200 million Agriculture and Livelihood Support Fund to strengthen access to sustainable livelihoods for migrants and displaced persons across the country.
The Memorandum of Understanding (MoU) was signed in Abuja by Ugochi Daniels, IOM Deputy Director-General for Operations, and Ayo Sotinrin, Managing Director/CEO of the Bank of Agriculture.
The partnership is expected to open new frontiers of cooperation between the two institutions, linking migration management with inclusive development financing.
“This partnership reflects our shared commitment to advancing sustainable solutions for migrants and communities’
‘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.” Daniels said
On his part, Ayo Sotinrin, BOA Managing Director, described the fund as a people-centered investment designed to empower Nigeria’s most vulnerable populations.
“This partnership unlocks productivity through people-centred investment that enables the economic inclusion of migrants and displaced Nigerians as active contributors to rural development and national economic stability under the Renewed Hope Agenda,” he stated.
The $200 million initiative seeks to tackle displacement, food insecurity, and rural poverty by empowering displaced persons and vulnerable communities through access to agricultural inputs, financial inclusion, market linkages, and capacity development.
With over 3.5 million internally displaced persons in Nigeria, many of whom have lost access to land, income, and assets, the IOM-BOA partnership offers a vital pathway for locally driven economic interventions and resilience building.
The MoU aligns with Nigeria’s national development agenda, Agenda 2063 of the African Union, and the UN Sustainable Development Cooperation Framework (UNSDCF) setting a new benchmark for migration-sensitive development financing in Africa.
