BOA Partners with IOM to Launch $200 million Livelihood Support Fund for Displaced Nigerians

BOA Partners with IOM to Launch $200 million Livelihood Support Fund for Displaced Nigerians

In a bold step toward reducing rural poverty and supporting vulnerable communities, the Bank of Agriculture (BOA) has partnered with the International Organization for Migration (IOM) to launch a $200 million Livelihood Support Fund. The initiative aims to boost economic resilience, promote sustainable livelihoods, and empower displaced persons and migrants across Nigeria.

BOA–IOM Partnership: A Lifeline for Displaced Nigerians

The new Livelihood Support Fund, formalized through a Memorandum of Understanding (MoU) signed in Abuja, seeks to promote economic inclusion and provide opportunities for Nigerians affected by conflict, displacement, and migration challenges.

The MoU was signed by Ugochi Daniels, IOM’s Deputy Director General for Operations, and Ayo Sotinrin, Managing Director and CEO of the Bank of Agriculture.

According to Sotinrin, the partnership is “an investment in people and national stability.” He emphasized that the initiative reflects BOA’s ongoing mission to empower rural populations, transform local economies, and drive inclusive growth under President Bola Tinubu’s Renewed Hope Agenda.

“This is more than finance; it’s an investment in people and national stability,” said Sotinrin.
“The fund will help transform rural poverty and promote economic inclusion for displaced and vulnerable Nigerians.”

Tackling Food Insecurity and Rural Poverty

The BOA–IOM collaboration directly addresses critical issues such as food insecurity, rural unemployment, and displacement. It empowers affected individuals to rebuild their lives through:

• Access to agricultural inputs and training,
• Financial inclusion programs,
• Skill development and entrepreneurship opportunities, and
• Market linkages to ensure long-term income sustainability.

These efforts align with Nigeria’s National Development Plan, the African Union’s Agenda 2063, and the UN Sustainable Development Cooperation Framework (UNSDCF) — all focused on building resilience, fostering self-reliance, and reducing aid dependency.

A Global Model for Migration-Sensitive Financing

IOM’s Deputy Director General, Ugochi Daniels, described the initiative as a model for migration-sensitive development financing in Africa.

“By linking migration management with development financing, we can create inclusive economic opportunities that empower people to rebuild their lives and contribute to local economies,” Daniels explained.

This partnership reflects a shared commitment to helping migrants and displaced persons become active contributors to national and regional stability.

Nigeria’s Displacement Challenge

Nigeria currently hosts over 3.5 million internally displaced persons (IDPs), many of whom have lost land, homes, and livelihoods due to conflict, insecurity, and climate change.

The BOA–IOM initiative aims to close these livelihood gaps through community-led solutions, focusing on job creation, capacity building, and access to microloans for sustainable businesses.

Complementing Previous BOA Funding Efforts

This new $200 million fund follows the Bank of Agriculture’s recent $1 billion intervention secured in partnership with the African Export-Import Bank (Afreximbank). That earlier initiative was aimed at transforming smallholder farming, enhancing the agricultural value chain, and strengthening food security nationwide.

Together, these projects underscore BOA’s growing role in driving economic inclusion, agricultural transformation, and national food security — key pillars of Nigeria’s long-term economic resilience.

Key Takeaways

• Funding Amount: $200 million
• Partners: Bank of Agriculture (BOA) & International Organization for Migration (IOM)
• Goal: Empower displaced persons, boost economic resilience, reduce poverty
• Focus Areas: Agriculture, skills development, financial inclusion, and market access
• Alignment: Nigeria’s Renewed Hope Agenda, AU Agenda 2063, UN SDG Goals

Conclusion

The BOA–IOM $200 million Livelihood Support Fund represents more than just financial aid — it’s a powerful step toward rebuilding lives, revitalizing rural economies, and restoring hope for millions of displaced Nigerians.

By connecting migration management with sustainable development, Nigeria is setting an example for the rest of Africa in how to transform humanitarian challenges into inclusive economic opportunities.

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