The United Nations Development Programme (UNDP) and Nigeria's Bank of Agriculture (BOA) have signed a Memorandum of Understanding (MoU) aimed at transforming the agricultural financing landscape in Nigeria. The event took place at the UN House in Abuja, where the symbolic transfer of ICT equipment was also marked to enhance the institutional capacity of the BOA. This initiative is one part of a broader strategy to invest in agriculture and includes the launch of a One Million Hectare Tree Crop Programme.

At the signing ceremony, UNDP Resident Representative Elsie Attafuah emphasized the importance of Nigeria's ongoing economic reforms and their potential impact on citizen welfare. She noted that these reforms, which include changes in foreign exchange policy, the removal of fuel subsidies, and fiscal restructuring, must translate into tangible benefits for the population. Attafuah highlighted that the true measure of reform is its effects on everyday households, particularly through improved food security and increased incomes in rural areas.

Furthermore, Attafuah reiterated that agriculture is central to Nigeria's economic future and emphasized the need for such reforms to yield jobs for the youth and stability in the local currency. The signing of this MoU is expected to facilitate greater investment in the agricultural sector, which is crucial for fostering socio-economic development in Nigeria, enabling the country to harness its agricultural potential effectively, and improve the livelihoods of its citizens.