By Abdullahi Lukman
The federal government is to restructure and recapitalize the Bank of Agriculture (BoA) as part of its broader strategy to strengthen the national economy and enhance food security.
This decision is aimed at revitalizing the country’s agricultural sector, which plays a critical role in driving economic growth, creating jobs, and ensuring food availability.
As part of this initiative, the National Council on Privatization (NCP) has directed its technical committee to develop a comprehensive roadmap for the repositioning of the BoA.
The goal is to better equip the bank to meet the growing needs of Nigeria’s agricultural sector, providing vital financial support to farmers and agribusinesses across the country.
Presiding over a progress report meeting in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, outlined the importance of BoA in the government’s plans to stabilize food prices and boost agricultural production.
He stressed that while the government is actively implementing various monetary policies to manage inflation, there is an urgent need for more targeted fiscal and real-sector strategies to further stimulate economic output, sustain growth, and curb inflationary pressures.
Mr. Edun highlighted that the restructuring and recapitalization of the BoA could play a transformative role in achieving these objectives.
By repositioning the bank, he said, the government aims to create an institution that can more effectively support Nigeria’s agricultural needs, which are increasingly seen as vital to the country’s long-term economic stability.
The Minister also expressed confidence that, with the right leadership and strategic direction, the BoA could become a major driver of agricultural expansion in Nigeria.
This, according to him, would not only help improve food security but also contribute to job creation and poverty alleviation, particularly in rural areas where agriculture remains a dominant source of livelihood.
By supporting farmers with better financing options, Edin said the government hopes to increase agricultural productivity, improve the quality of produce, and ultimately reduce food prices for consumers.
He noted that the restructuring of the BoA aligns with the government’s broader economic policies, which seek to diversify the economy away from oil dependence and focus on sectors like agriculture, manufacturing, and technology.
The minister said government’s commitment to the recapitalization and restructuring of the BoA is a crucial step in ensuring that the agricultural sector remains a key pillar of Nigeria’s economic development.
With the bank’s enhanced capacity to provide financing and other support services, farmers and agribusinesses are expected to have a better opportunity to thrive, contributing to the growth of Nigeria’s agricultural exports and helping to reduce the country’s dependence on food imports.
