In a move aimed at strengthening Nigeria’s agricultural sector and bolstering food security, President Bola Ahmed Tinubu has appointed Ayo Sotinrin as the new Managing Director of the Bank of Agriculture (BoA). The appointment underscores the administration’s commitment to revitalizing the nation's agricultural landscape and ensuring financial support for farmers and agribusinesses across the country.
Sotinrin, a seasoned finance and agribusiness expert, brings with him a distinguished career spanning decades. He previously served as the Group CEO of SAO Group, a position that saw him spearhead several high-impact agricultural and infrastructural projects. Notably, he played a pivotal role in driving major agricultural initiatives in Ondo State, fostering sustainable agribusiness models that contributed significantly to rural development and economic growth.
His expertise in securing funding for large-scale projects is well established, with a track record of raising over $750 million for key infrastructural developments. Among these is the $200 million Akure Water Supply Project, which has been instrumental in addressing water accessibility challenges in the region. His financial acumen and strategic insight have also seen him collaborate with global institutions, including the World Bank and the African Development Bank (AfDB), reinforcing his capacity to navigate complex financial landscapes for national development.
Beyond his work in the private sector, Sotinrin has also contributed to governance and policymaking. His tenure as a Special Adviser in the Federal Capital Territory (FCT) provided him with hands-on experience in public administration and policy implementation, further strengthening his qualifications for the role at BoA. His ability to bridge the gap between policy and practice is expected to be crucial in repositioning the Bank of Agriculture as a catalyst for food security and rural economic empowerment.
The presidency, in a statement, emphasized that Sotinrin’s appointment is a strategic step in advancing President Tinubu’s vision for an agriculturally self-sufficient Nigeria. The administration has identified agriculture as a cornerstone of its economic diversification strategy, seeking to reduce the nation’s dependence on food imports while promoting agribusiness as a driver of job creation and economic resilience.
As the new Managing Director of the Bank of Agriculture, Sotinrin is expected to implement innovative financial solutions that will facilitate access to credit for farmers, modernize agricultural practices, and strengthen value chains. With Nigeria grappling with food inflation and economic challenges, his leadership at BoA is anticipated to play a critical role in unlocking the potential of the agricultural sector and ensuring sustainable food production for the nation.
His appointment has been met with optimism from key stakeholders in the agricultural and financial sectors, with many expressing confidence in his ability to drive impactful reforms and reposition BoA as a vehicle for economic transformation.
With this appointment, President Tinubu reaffirms his administration’s resolve to put seasoned professionals in strategic positions, ensuring that Nigeria’s agricultural sector is equipped to meet both present and future challenges.