The Bank of Agriculture (BOA) said it has secured a $200 million Livelihood Support Fund to boost economic resilience and provide sustainable livelihoods for displaced persons and migrants across Nigeria.
The fund secured in partnership with the International Organization for Migration (IOM) was formalised through a Memorandum of Understanding signed in Abuja.
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 emphasise resilience, self-reliance, and inclusive growth.
The agreement signed by IOM’s Deputy Director General for Operations, Ugochi Daniels, and BOA’s Managing Director and Chief Executive Officer, Ayo Sotinrin, is aimed at promoting economic inclusion among vulnerable groups.
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.”
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.
According to both organisations, 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.
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