News in Brief:
– Nigeria plans to recapitalise and restructure the Bank of Agriculture (BOA) to strengthen the agricultural sector and achieve food security.
– This initiative emphasises modernising the bank, leveraging technology, and potentially integrating with the Green Imperative Project to provide equipment and improve loan practices.
The Nigerian government has announced plans to recapitalise and restructure the Bank of Agriculture (BOA) in a bid to strengthen the country’s agricultural sector and achieve national food security, according to Vice President Kashim Shettima. He disclosed this recently during the first meeting of the National Council on Privatization at the Presidential Villa, Abuja
This initiative comes alongside the official transfer of operations of the Zungeru Hydroelectric Power Plant to private company Penstock Limited with the aim of improving national power generation capacity and addressing growing energy demands.
Shettima emphasised the bank’s potential to play a crucial role in achieving food security, citing its extensive network across the country. However, he raised concerns about current practices, particularly unsustainable loan disbursement.
Additionally, the Vice President advocated for BOA’s modernisation, urging the bank to leverage technology, upgrade facilities, and embrace modern financial systems for improved functionality and support for agricultural development
Also, he proposed integrating the Green Imperative Project, which focuses on providing agricultural machinery to farmers, with the BOA’s restructuring plans. This, he believes, could involve utilising technology to track equipment and minimise potential misuse.
Shettima stressed the importance of achieving food security and leveraging science and technology. He highlighted the potential of a few states to feed the entire nation.
Subsequently, a committee led by Finance Minister Wale Edun is finalising a report on the BOA’s recapitalisation and restructuring. Key decisions and further updates are expected soon.
This initiative signifies the Nigerian government’s commitment to addressing food security challenges. It also aims to bolster the agricultural sector through strategic investments and modernisation efforts.
