The federal government has announced that the recapitalisation of the Bank of Agriculture (BOA) will be completed by the end of the first quarter of 2025. Speaking in Abuja on Tuesday, Abubakar Kyari, the Minister of Agriculture and Food Security, said the initiative aims to improve funding for smallholder farmers, addressing long-standing challenges in securing financial support for commercial agriculture.
Kyari highlighted that the recapitalisation is critical in tackling food inflation, which currently stands at approximately 34 percent. He explained that enhanced access to funding would enable farmers to expand their operations, as loans from commercial banks have proven inadequate in recent times.
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The National Council on Privatisation (NCP), chaired by Vice President Kashim Shettima, had established a committee in 2024, led by Wale Edun, the Finance Minister, to outline the steps for the bank’s revival. Kyari said the recapitalisation forms part of the government’s broader strategy to address food insecurity and mitigate the ongoing crisis.
He added that the effort is designed to boost agricultural productivity by providing farmers with the financial resources they need, which will ultimately support the nation’s food security objectives.
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