BOA Unveils 200 Billion Scheme to Stabilise Grain Prices in Nigeria
The Bank of Agriculture (BOA) has launched a N200 billion Guaranteed Minimum Price (GMP) Programme aimed at protecting Nigerian grain farmers from depressed commodity prices. The programme targets more than 500,000 farmers and aggregates at least 500,000 metric tonnes of grains.
Managing Director Ayo Sotinrin said the initiative was introduced in response to challenges faced by farmers in 2024 and 2025, when major commodities like maize, rice, sorghum, and soybeans fell below import parity. The guaranteed minimum price for eligible farmers who cultivated maize during the 2025 dry and wet seasons would be N350,000 per tonne where market prices fall below the guaranteed level.
The programme is designed exclusively for genuine farmers and not commodity traders. Sotinrin warned against attempts by middlemen to buy grains from markets at low prices and present them as farm produce in order to benefit from the scheme.