The Bank of Agriculture (BOA) has secured a $200 million Livelihood Support Fund in partnership with the International Organization for Migration (IOM) to enhance economic resilience and provide sustainable livelihoods for displaced persons and migrants across Nigeria. This initiative aims to address displacement, food insecurity, and rural poverty by empowering affected populations to take charge of their recovery.
The fund was formalized through a Memorandum of Understanding signed in Abuja, aligning with Nigeria’s national development priorities and the African Union’s Agenda 2063, which emphasize resilience, self-reliance, and inclusive growth. The collaboration seeks to promote economic inclusion among vulnerable groups, with a focus on migrants and displaced persons.
BOA’s Managing Director and Chief Executive Officer, Ayo Sotinrin, described the partnership as an investment in people and national stability, stating that it is a crucial step in transforming the landscape of rural poverty. The initiative unlocks productivity through people-centered investment, enabling the economic inclusion of migrants and positioning displaced and vulnerable Nigerians as active contributors to rural development and national economic stability.
IOM’s Deputy Director General for Operations, Ugochi Daniels, noted that the partnership reflects a shared commitment to advancing sustainable solutions for migrants and communities affected by displacement. By linking migration management with development financing, the initiative can create inclusive economic opportunities that empower people to rebuild their lives and contribute to local economies.
The initiative complements national strategies and aligns with the United Nations Sustainable Development Cooperation Framework (UNSDCF). It has the potential to serve as a model for migration-sensitive development financing across Africa, promoting stability and resilience in displacement-affected regions. With over 3.8 million Nigerians displaced, this fund provides hope for families trying to start over without land or income, offering support through farming, skills, and enterprise.
