FG begins process to recapitalise Bank of Agriculture

The Federal Government has commenced the process recapitalizinsing the Bank of Agriculture (BoA) to enhance food security, stabilise prices, and support farmers with improved access to credit and resources.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, made this known during a progress report meeting held in Abuja.

He emphasised the BoA’s crucial role in driving agricultural expansion and ensuring the sustainability of the nation’s food supply chain.

This was contained in a statement signed by Mohammed Manga, Director, Information and Public Relations, Ministry of Finance.

Edun reiterated the government’s commitment to restructuring and revitalizing the bank as part of broader economic reforms.

While monetary measures are being implemented, he underscored the importance of real-sector strategies to boost output, drive economic growth, and curb inflation.

To ensure a strategic approach, Edun said that the National Council on Privatization (NCP) has mandated its technical committee to develop a comprehensive roadmap for repositioning the BoA. He said the restructuring is expected to improve financial services for farmers, agribusinesses, and rural communities, ultimately fostering long-term economic stability.

Read also: FG to conclude Bank of Agriculture recapitalisation Q1 2025

With the recapitalisation process underway, the BoA is poised to become a more effective tool for advancing Nigeria’s agricultural potential.

The Minister added that the initiative aligns with the Government’s broader goal of making the country a key player in regional and global food production, securing a more prosperous future for the nation.

“While monetary measures are being implemented, he stressed the need for fiscal, real-sector strategies to increase output, support economic growth, and dampen inflation.

“He informed that the National Council on Privatization (NCP) has tasked its technical committee with developing a comprehensive roadmap for repositioning the bank.”

Edun expressed confidence that with the right strategy and leadership, the BoA could drive agricultural expansion and contribute to long-term economic stability.

“With the Bank of Agriculture poised for revitalization, Nigeria’s Agricultural sector is on the cusp of a transformative era. As the government works tirelessly to implement fiscal, real-sector strategies, the nation can look forward to increased food security, economic growth, and a brighter future for all,” he said

By harnessing the potential of the Bank of Agriculture, The minister said Nigeria can unlock its full agricultural potential and solidify its position as a leader in regional, global food production.