The Bank of Agriculture (BOA) has launched a $200 million Livelihood Support Fund to boost economic resilience and create sustainable income for displaced Nigerians and migrants nationwide.
Developed in collaboration with the International Organization for Migration (IOM), the fund was formalized through a Memorandum of Understanding (MoU) signed in Abuja. The initiative aims to address displacement, food insecurity, and rural poverty by empowering affected communities to rebuild their livelihoods.
The Livelihood Support Fund advances Nigeria’s development goals and aligns with the AU’s Agenda 2063 for resilience and inclusive growth.
Ugochi Daniels, IOM’s Deputy Director General for Operations, and Ayo Sotinrin, BOA’s Managing Director and CEO, signed the agreement. Both leaders emphasized that the partnership seeks to drive economic inclusion for vulnerable groups across Nigeria.
Speaking at the signing, Sotinrin said the fund goes beyond financial aid. “It’s a strategic investment in people and national stability,” he noted. He said the initiative will boost productivity through community investments, enabling migrants and displaced Nigerians to drive rural development.
Daniels echoed this vision, stressing the shared commitment to sustainable recovery. She explained that linking migration management with development financing fosters inclusive economic opportunities. “This approach helps individuals rebuild their lives, strengthen local economies, and reduce dependence on aid,” she said.
Both organizations confirmed the Livelihood Support Fund supports Nigeria’s national strategies and aligns with the UN Sustainable Development Cooperation Framework. They believe the initiative can model migration-sensitive development financing across Africa, promoting stability and resilience in displacement-affected regions.
