IOM, BOA sign $200m pact to support migrants, displaced Nigerians
MD/CEO BOA, Ayo Sotinrin; and Deputy Director-General Operations, International Organisation for Migration, Ugochi Daniels
The International Organisation for Migration (IOM) and the Bank of Agriculture Ltd. (BOA) of Nigeria have signed an agreement to strengthen access to sustainable livelihoods for migrants and displaced persons across Nigeria.
In a statement on Thursday, IOM said the Memorandum of Understanding (MoU) is focused on addressing displacement, food insecurity and rural poverty.
IOM also said that the MoU would also focus on empowering vulnerable populations to lead their own recovery through sustainable livelihood support.
The signing of the MoU comes at a time when Nigeria is intensifying efforts to address the root causes of displacement and irregular migration.
Nigeria currently hosts over 3.5 million internally-displaced persons (IDPs), many of whom have lost access to land, income opportunities and productive assets.
According to IOM, the agreement sets the stage for long-term, sustainable cooperation between the two institutions.
This is through the establishment of a 200 million dollars Agriculture and Livelihood Support Fund to improve the lives of forcibly displaced persons in Nigeria.
Ugochi Daniels, IOM’s Deputy Director-General for Operations, said the partnership reflected a shared commitment to advancing sustainable solutions for migrants and communities.
“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.”
Also, Mr Ayo Sotinrin, Managing Director/Chief Executive Officer, Bank of Agriculture, said that, in executing the vision of the presidency, BOA viewed the fund as a crucial step in reducing rural poverty.
“This partnership unlocks productivity through people-centred investment that enables economic inclusion of migrants.
“It critically positions displaced and vulnerable Nigerians as active, valued contributors to rural development, community resilience and national economic stability promised by the Renewed Hope Agenda,” Sotinrin said.
He noted that the initiative aligned with Nigeria’s national development agenda and Agenda 2063, promoting stability and self-reliance in displacement-affected regions.
He said the partnership bridged critical gaps and offered 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 shock, and economic disruption.”
NAN
