- The International Organization for Migration (IOM) and the Bank of Agriculture Limited (BOA) of Nigeria have signed a Memorandum of Understanding (MoU) to strengthen access to sustainable livelihoods for migrants and displaced persons across the country.
The agreement, signed by Ugochi Daniels, IOM's Deputy Director General for Operations, and Ayo Sotinrin, MD/CEO of Bank of Agriculture, sets the stage for long-term, sustainable cooperation between the two institutions, through the establishment of a USD 200 million Agriculture and Livelihood Support Fund to improve the lives of forcibly displaced persons in Nigeria.
"This partnership reflects our shared commitment to advancing sustainable solutions for migrants and communities," said DDG Daniels. "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."
Recognizing the urgent need to tackle the root causes of displacement and irregular migration, the MoU demonstrates the Government of Nigeria's commitment to leveraging this partnership to boost economic inclusion, resilience, and sustainable development. This initiative aligns with Nigeria's national development agenda and Agenda 2063, promoting stability and self-reliance in displacement-affected regions.
The MoU is focused on addressing displacement, food insecurity, and rural poverty, while empowering vulnerable populations to lead their own recovery through sustainable livelihood support in Nigeria.
"The Bank of Agriculture, in executing the vision of the Presidency, views this fund as a crucial step in transforming the landscape of rural poverty", said Ayo Sotinrin. "This partnership unlocks productivity through people-centred investment that enables the economic inclusion of migrants and, critically, positions displaced and vulnerable Nigerians as active, valued contributors to rural development, community resilience, and the national economic stability promised by the Renewed Hope Agenda."
The signing of the MoU comes at a time when Nigeria is intensifying efforts to address the root causes of displacement and irregular migration. The country currently hosts over 3.5 million internally displaced persons (IDPs), many of whom have lost access to land, income opportunities, and productive assets.
This partnership bridges critical gaps and offers a strategic pathway for locally driven economic intervention. It also facilitates access to agricultural inputs, capacity development, market linkages, and financial inclusion, helping to reduce aid dependency for IDPs, returnees, host communities, and other vulnerable populations affected by conflict, climate shocks, and economic disruption.
The initiative complements national strategies, aligns with the United Nations Sustainable Development Cooperation Framework (UNSDCF) and could serve as a model for migration-sensitive development financing in Africa, reinforcing IOM and BOA's shared vision of promoting stability and self-reliance in displacement-affected regions.
