The Federal Government of Nigeria has reiterated its commitment to recapitalize the Bank of Agriculture (BOA) to enhance food security and make food more accessible and affordable for Nigerians.
The Bank of Agriculture, a government-sponsored development bank, provides credit facilities to both small and large-scale farmers.
Senator Aliyu Abdullahi, Minister of State for Agriculture and Food Security, emphasized the government’s efforts to reform the Bank of Agriculture to better serve Nigerians.
“We are reforming the Bank of Agriculture to serve Nigerians. We are recapitalizing the Bank of Agriculture to make food accessible and affordable to Nigerians,” he stated.
Produce what you eat
Abdullahi stressed the importance of Nigeria producing the food it consumes, saying, “We must keep producing and keep producing food for Nigerians.”
- He assured that efforts were underway to develop various cluster farms in Borgu Kingdom, Niger State.
Last week, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced that the Federal Government had begun the process of recapitalizing the Bank of Agriculture (BoA) to enhance food security, stabilize prices, and support farmers with improved access to credit and resources.
Edun emphasized the crucial role of BoA in driving agricultural expansion and ensuring the sustainability of the nation’s food supply chain.
What you should know
To ensure a strategic approach, he stated that the National Council on Privatization (NCP) has mandated its technical committee to develop a comprehensive roadmap for repositioning the BoA.
- The restructuring is expected to improve financial services for farmers, agribusinesses, and rural communities, ultimately fostering long-term economic stability.
“With the Bank of Agriculture poised for revitalization, Nigeria’s agricultural sector is on the cusp of a transformative era. As the government works tirelessly to implement fiscal, real-sector strategies, the nation can look forward to increased food security, economic growth, and a brighter future for all,” Edun said.
He added that the initiative aligns with the government’s broader goal of making the country a key player in regional and global food production, securing a more prosperous future for the nation.
Abubakar Kyari, Minister of Agriculture and Food Security, had mentioned that the recapitalization of the Bank of Agriculture would be finalized by the end of the first quarter (Q1) of 2025.
The Bank of Agriculture is Nigeria’s apex agriculture and rural development finance institution that provides agricultural credit facilities to support all agricultural value chain activities, provide non-agricultural micro-credit, Savings mobilization, Capacity development.
