FG to Restructure, Recapitalise Bank of Agriculture for Better Value

February 21, 2024
Bank of Agriculture

By Adedapo Adesanya

The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security.

This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday.

He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country.

Mr Shettima, however, expressed concern about the bank’s current practices, particularly its tendency to disburse unsustainable loans to farmers who default on the loans or simply use them for other non-related purposes.

The Vice President advocated the modernisation of the BOA and emphasised the need to leverage technology and upgrade the bank’s facilities across its branches.

He noted that embracing modern financial systems would enable the bank to function more effectively and fulfil its role in supporting agricultural development.

Mr Shettima said that with the potential of the Green Imperative Project, it could be integrated into the BOA’s restructuring plans.

“For me, we can marry the Green Imperative Project where we are going to bring in assorted agricultural machinery. Every farmer should be given a tractor, harvester, and other necessary machinery.

“We can take in the latest advances in science and technology and make it possible to track these items so that diversion can be minimised.

“We have no business being poor. Nigeria must attain national food security. Let us leverage science and technology. There are three or four states that can feed the whole of this country.”

A committee led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, is tasked with finalising a report on the BOA’s recapitalisation and restructuring.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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