President Bola Tinubu has named Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, a move that suggests the government is getting serious about overhauling one of its most underperforming financial institutions. With rising food costs, rural hardship, and the demand for greater food self-sufficiency, this appointment appears to be part of a broader strategy to revitalize agricultural financing in Nigeria.
The Bank of Agriculture has struggled for years to fulfill its mandate. It was created to provide loans and financial support to small-scale farmers and agribusinesses, but its impact has been limited. The bank has battled internal inefficiencies, low loan recovery rates, and a disconnect from the realities of modern agriculture. Many farmers simply haven’t been able to access its services — and as a result, the institution has lost relevance in recent years.
Sotinrin’s appointment looks like an attempt to break from that cycle. He brings a solid mix of experience from both the private and public sectors. In his role as Group CEO of SAO Group, he led investments in large-scale agriculture — including oil palm plantations and commercial operations in poultry, aquaculture, and crop production. He’s also been involved in development finance, helping secure over $750 million in funding for major infrastructure projects, such as a $200 million water supply upgrade in Akure.
What sets him apart is that he doesn’t just know agriculture — he knows how to raise capital, manage large projects, and navigate both public and private finance systems. That combination is rare, and it’s likely why the Tinubu administration chose him for the role.
This move could mark a shift in how the government approaches agricultural development. Rather than relying on subsidies or short-term interventions, the focus might turn to building agriculture as a viable business sector. If Sotinrin can bring in private partners, modernize lending models, and hold the bank accountable for performance, the BOA could start playing a real role in Nigeria’s push for food security.
Of course, none of this will be easy. The BOA still faces structural challenges, including bureaucracy and the risk of political interference. Expectations will be high, and the pressure to show quick results will come fast. But if given the support and autonomy to operate effectively, Sotinrin could help transform the bank into a real engine for rural economic growth.
This appointment isn’t just about filling a position — it’s a test of whether bold leadership and smart policy can finally fix one of the key institutions at the heart of Nigeria’s food system.
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