The Federal Government of Nigeria has reaffirmed its commitment to recapitalizing the Bank of Agriculture (BoA) to boost food security and make food more accessible and affordable for Nigerians.
The BoA, a government-backed development bank, provides financial support to small and large-scale farmers. Senator Aliyu Abdullahi, Minister of State for Agriculture and Food Security, emphasized that the government is reforming the institution to better serve citizens.
“We are recapitalizing the Bank of Agriculture to make food accessible and affordable to Nigerians,” Abdullahi stated.
The initiative aligns with the government’s broader strategy to enhance food production, with cluster farms being developed in Niger State’s Borgu Kingdom.
Minister of Finance Wale Edun recently confirmed that the Federal Government has initiated the recapitalization process to stabilize food prices and improve farmers’ access to credit and resources. He highlighted the BoA’s critical role in expanding Nigeria’s agricultural sector and ensuring a sustainable food supply chain.
The National Council on Privatization (NCP) has tasked its technical committee with developing a roadmap for repositioning the bank. The restructuring aims to improve financial services for farmers, agribusinesses, and rural communities, fostering long-term economic stability.
With this revitalization, Nigeria’s agricultural sector is poised for significant growth, contributing to economic expansion and regional food production. Minister Abubakar Kyari indicated that the recapitalization process is expected to be completed by the end of Q1 2025.
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