BOA, IOM launch $200m fund to support displaced Nigerians

The Bank of Agriculture (BOA) has partnered with the International Organization for Migration (IOM) to establish a $200 million Livelihood Support Fund aimed at strengthening economic resilience and providing sustainable livelihoods for displaced persons and migrants across Nigeria.

The partnership, formalized through a Memorandum of Understanding (MoU) signed in Abuja, seeks to promote economic inclusion and reduce poverty among vulnerable groups nationwide.

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 at the ceremony, Sotinrin described the initiative as a transformative investment in Nigeria’s rural population and long-term stability.

“This is more than finance; it’s an investment in people and national stability.

“We see this fund as a vital step in transforming the landscape of rural poverty,” he said.

“It enables the economic inclusion of migrants and displaced Nigerians, turning them into active contributors to rural development and national growth under the Renewed Hope Agenda.”

The collaboration aims to address displacement, food insecurity, and rural poverty by empowering affected communities to rebuild their livelihoods.

“It aligns with Nigeria’s development priorities and the African Union’s Agenda 2063, which emphasize resilience, self-reliance, and inclusive growth.

Also speaking, Ugochi Daniels said the initiative underscores both institutions’ shared commitment to advancing sustainable solutions for migrants and displacement-affected communities.

“By linking migration management with development financing, we can create inclusive opportunities that help people rebuild their lives, strengthen local economies, and reduce dependence on aid,” she said.

Nigeria currently hosts over 3.5 million internally displaced persons (IDPs), many of whom have lost access to land, income, and assets due to conflict, climate shocks, and economic disruptions.

The BOA–IOM fund will bridge livelihood gaps through community-driven interventions such as access to agricultural inputs, skills training, financial inclusion, and market linkages.

Both organizations noted that the initiative aligns with the United Nations Sustainable Development Cooperation Framework (UNSDCF) and could serve as a model for migration-sensitive development financing across Africa.

The new partnership comes just weeks after the BOA secured a $1 billion agricultural intervention fund from the African Export-Import Bank (Afreximbank) to boost smallholder farmers and strengthen Nigeria’s agricultural value chain.

That deal followed President Bola Tinubu’s approval of the National Food Security Fund, a revolving scheme jointly implemented with state governments to enhance food production and ensure inclusive economic growth.