WorldStage Newsonline– The Federal Government has revealed plans by the Federal Government to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security.
Vice President Kashim Shettima who disclosed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja said the central role BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country.
Shettima, however, expressed concern about the bank’s current practices, particularly its tendency to disburse unsustainable loans.
The Vice President, who advocated for the modernisation of the BOA, emphasised the need to leverage technology and upgrade branch facilities.
He noted that embracing modern financial systems would enable the bank function more effectively and fulfill its role in supporting agricultural development.
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, Wale Edun, is finalising a report on the BOA’s recapitalisation and restructuring.
