Farmers in Nigeria are raising alarm over the alleged misallocation of agricultural funds by banks, a situation that threatens the viability of the sector. Prince Wale Oyekoya, former Chairman of the Agriculture and Non-Oil Group of the Lagos Chamber of Commerce and Industry, highlighted this critical issue on May 8, 2026, asserting that financial institutions are prioritizing real estate investments over essential agricultural financing.
Oyekoya stated, "The banks are turning their backs on farmers while opting to invest in more lucrative real estate ventures. This is detrimental to food production and rural development." This accusation underscores a growing frustration among farmers who rely on accessible funding to sustain their livelihoods. The diversion of funds not only hampers agricultural growth but also poses risks to food security in a country where agriculture is a major economic driver.
As the agricultural sector grapples with these financial challenges, stakeholders must advocate for regulatory measures to ensure that banks fulfill their commitments to agriculture. The sustainability of Nigeria's food systems and rural economies hinges on redirecting financial resources back to where they are most needed.
