Home NewsNigeria Recapitalizes Bank of Agriculture With N1.5tn – Agric Minister 

Nigeria Recapitalizes Bank of Agriculture With N1.5tn – Agric Minister 

by AgroNigeria

The Federal Government has disclosed a combined investment of over ₦200 billion in agricultural interventions and the recapitalization of the Bank of Agriculture with ₦1.5 trillion, as part of an ambitious drive to enhance national food security and empower farmers across the country.

The announcement was made by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, during a high-level bilateral engagement held at the National Agricultural Seed Council in Sheda, Abuja, on Saturday. The meeting featured technical briefings, diplomatic discussions, and an official tour of Nigeria’s mechanized agricultural fleet.

According to Senator Kyari, the intervention is a direct response to President Bola Ahmed Tinubu’s declaration of a State of Emergency on Food Security in July 2023, which he described as a critical turning point in Nigeria’s agricultural transformation.

“We have committed over ₦200 billion to agricultural interventions, distributed 2.15 million bags of fertilizer, and recapitalized the Bank of Agriculture with ₦1.5 trillion to empower our farmers,” Kyari said.

He emphasized Nigeria’s leadership in regional food systems transformation and expressed the country’s readiness to strengthen technical cooperation with The Gambia and other ECOWAS member states through joint missions and Memoranda of Understanding (MoUs).

The minister noted that Nigeria’s agricultural strategy focuses on sustainable mechanization, youth inclusion, food sovereignty, and evidence-based policymaking. 

He also highlighted the development of a national farmer registry in partnership with the National Identity Management Commission (NIMC), targeting over 42 million farming households nationwide.

During the event, The Gambia’s Minister of Agriculture, Livestock, and Food Security, Dr. Demba Sabally, lauded Nigeria’s strides in agriculture and called for deeper collaboration, particularly in rice production and mechanization.

“We have seen the Nigerian model in action from outgrower schemes to post-harvest management,” Sabally said.

“Our goal of achieving rice self-sufficiency by 2030 now feels more attainable. We respectfully request a Rice Ambassador from Nigeria to support our implementation.”

Also speaking, Ambassador Nyangado Alhagie, The Gambia’s Permanent Secretary, described the visit as “transformational,” noting that Nigeria’s replicable agricultural systems provide practical solutions to advancing The Gambia’s food security agenda.

Nigeria’s Minister of State for Agriculture and Food Security, Senator (Dr.) Aliyu Sabi Abdullahi, CON, echoed the sentiment, describing the visit as a reflection of African solidarity and proof that Nigeria’s agricultural progress, especially in rice, could serve as a model for regional development.

He urged The Gambia to embrace local solutions, citing the growing acceptance and high quality of Nigerian-produced rice as evidence of successful domestic innovation.

Earlier in his welcome remarks, Dr. Marcus Ogunbiyi, Permanent Secretary of the Federal Ministry of Agriculture and Food Security, reaffirmed Nigeria’s commitment to technical exchange, mutual learning, and collective self-reliance in agricultural development across West Africa.

The event marks a renewed phase in agricultural diplomacy and regional integration, with Nigeria taking the lead in championing sustainable, Africa-driven food systems.

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