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April 14, 2024
AgroNigeria
News

FG to Recapitalise BOA to Boost Agric Activities 

The Nigerian Government is ready to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security.

Vice President Kashim Shettima made the disclosure on Tuesday following the official transfer of operations of the Zungeru Hydroelectric Power Plant to a private company, Penstock Limited.

Speaking during the first meeting of the National Council on Privatization (NCP) for the year 2024 at the Presidential Villa, Abuja, the VP said that BOA has the potential to play a central role in achieving national food security, citing its extensive branch network across all senatorial districts in the country.

According to him, the move is expected to boost Nigeria’s power generation capacity and contribute significantly to meeting the country’s growing energy demands.

He, however, expressed concern over the bank’s current practices, particularly its tendency to disburse unsustainable loans.

Senator Shettima advocated modernization of the BOA, emphasizing the need to leverage technology and upgrade branch facilities, urging that embracing modern financial systems would enable the bank to function more effectively and fulfill its vital role in supporting agricultural development.

He further alluded to the potential of the Green Imperative Project, proposing its integration with the BOA’s restructuring plans.

“For me, we can marry the Green Imperative Project while 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 divergence can be minimized.

“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,” the VP said.

Currently, a committee led by the Minister of Finance, Wale Edun, is finalizing a report on the BOA’s recapitalization and restructuring, while key decisions have been made and further updates are expected soon.

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