FG inaugurates new board for Bank of Agriculture 

..targets improved agricultural financing, food security

The Federal Government has inaugurated the Board of Directors for the Bank of Agriculture, with a charge to reposition the institution as the primary vehicle for overhauling agricultural financing and food security initiatives in the country.

Speaking during the inauguration ceremony held in Abuja, Abubakar Kyari, Minister of Agriculture and Food Security, said that members would rebuild the institution into a stronger development finance bank capable of accelerating food security, expanding access to agricultural finance, creating jobs and driving the country’s agricultural transformation under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

He explained that the Bank of Agriculture is the nation’s foremost agricultural development finance institution, established to provide financing for farmers, cooperatives, processors and agribusinesses across the country.

He said, “The work of renewal has already begun; your task is to give it scale and permanence. And from today there is no old guard and no new arrivals: one Board, one management, one institution, one mandate.”

He traced the bank’s history from its establishment in Kaduna in 1972 as the Nigerian Agricultural Bank, noting that although it had undergone several structural changes over the years, its mandate of providing financial support to Nigerian farmers had remained unchanged.

He further revealed that President Tinubu had approved the recapitalisation of the bank, describing the intervention as the boldest commitment to agricultural finance in Nigeria’s history.

He noted that the restructuring process was currently being supervised by the Bureau of Public Enterprises with the Ministry of Finance Incorporated and the Central Bank of Nigeria serving as shareholders.

He advised the board to consolidate on the reforms already initiated by the bank’s management under Managing Director and Chief Executive Officer Ayodeji Oludare Sotinrin.

According to him, ‘’the bank has commenced a comprehensive digital transformation covering loan appraisal, disbursement and recovery to ensure faster, more transparent and efficient access to credit for farmers.

“The board’s success would not be measured solely by financial performance but by its ability to empower farmers, support agribusinesses, create jobs and improve livelihoods across Nigeria’’.

The Minister disclosed that the Bank of Agriculture is leading the implementation of the Renewed Hope National Agricultural Mechanisation Programme, which is the largest agricultural mechanisation initiative in Africa and is designed to serve more than one million farmers annually.

He urged the board to integrate the bank’s operations with key Federal Government agricultural programmes, including the Special Agro Industrial Processing Zones, the IFAD-supported Value Chain Development Programme and the World Bank-financed AGROW initiative, to expand financing opportunities across agricultural value chains.

He assured stakeholders that the board would provide sound strategic oversight anchored on integrity, transparency, accountability, professionalism and good governance while working closely with management, shareholders and development partners to strengthen institutional capacity, improve operational efficiency and deepen stakeholder confidence.

In his remarks, Aliyu Sabi Abdullahi, Minister of State for Agriculture and Food Security, said that the board’s assignment was not to manage a ready-made institution but to rebuild it under the Renewed Hope Agenda, where food security remains a national priority.

He expressed confidence that Nigeria possesses the resources to become an agricultural powerhouse if the bank succeeds in delivering financial services to genuine farmers and value chain operators involved in production, processing and transportation.

“The market is available. What is left is for you to establish strong processes and procedures that will ensure the bank delivers financing to genuine farmers and value chain actors involved in production, processing and transportation,” he said, adding that the experience and pedigree of the board members provided confidence that they could restore the institution’s relevance and unlock greater opportunities for Nigerian farmers, he added.

Responding on behalf of the Board, the Chairman, Muhammad Babangida, described the Bank of Agriculture as ‘’ the nation’s foremost agricultural development finance institution’’, with a critical role in expanding access to finance for farmers, cooperatives, agribusinesses, and rural entrepreneurs.

He noted that at a time when ‘food security, economic diversification and inclusive growth’ remain national priorities, the importance of the institution ‘cannot be overstated’

Babangida disclosed that the inauguration ‘marks a renewed commitment to strengthening the Bank for Nigeria’s agricultural transformation. The Board, he stated, is fully committed to strategic oversight anchored on integrity, transparency, accountability and good governance,and will work with Management and Stakeholders to improve capacity, efficiency and impact

“Our success will be measured not only by financial performance, but by real impact in empowering farmers, supporting agribusinesses and improving livelihoods, ” he said.