By Rasheeda Hamidu
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, has urged the Bank of Agriculture (BOA) Governing Board to expand affordable and timely financing for farmers and agribusinesses to strengthen agricultural production and food security in Nigeria.
Kyari made the call on Tuesday in Abuja during a one-day retreat for members of the newly inaugurated BOA Governing Board.
The minister said the bank should prioritise smallholder farmers in rural communities, women involved in agricultural production and processing, young people entering agribusiness, cooperatives and other agricultural enterprises.
Kyari stressed that agricultural financing must be appropriate, timely, affordable and responsive to the seasonal realities of farming and the needs of different agricultural value chains.
He urged the board to develop innovative financial products and instruments capable of reducing lending risks while widening access to credit across the agricultural sector.
The minister also called for greater financial inclusion, stressing the need to ensure that no segment of Nigeria’s agricultural population is excluded from access to financing.
The Minister of State for Agriculture and Food Security, Sen. Aliyu Sabi Abdullahi, urged the board to reposition agriculture from subsistence production towards a commercially viable and technology-driven sector.
Abdullahi said the bank’s effectiveness would influence farmers’ ability to produce, businesses’ capacity to invest, youth employment opportunities and the affordability and availability of food in Nigeria.
The Permanent Secretary of the ministry, Dr Marcus Olaniyi Ogunbiyi, urged the board to strengthen corporate governance and comply with relevant laws, regulations and financial management requirements.
Ogunbiyi emphasised the importance of robust internal controls, prudent financial management, effective risk management, transparency in procurement and lending, and mechanisms for accountability.
The Chairman of the BOA Governing Board, Alhaji Mohammed Babangida, pledged that the board would provide strategic oversight, strengthen corporate governance and hold management accountable for performance.
Babangida said the board would work to position the bank to deliver effectively on its mandate as it assumes responsibility for overseeing its operations and strategic direction.
NatureNews notes that access to appropriate agricultural finance can support farmers’ investment in production, processing and climate-resilient agricultural practices, particularly among smallholder producers.
The ministry said its officials, BOA board members and development partners attended the retreat, which focused on the bank’s mandate, operations and strategic direction.
