The Federal Government has announced strategic plans to restructure and recapitalize the Bank of Agriculture (BoA) to boost food production, enhance economic stability, and curb inflation.
Speaking at a progress review meeting in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed the government’s commitment to revitalizing the BoA as a key driver of Nigeria’s agricultural sector.
Director information and public relations Muhammed Manga in a statement quoted Edun to have emphasized that beyond monetary policies, Nigeria must implement fiscal and real-sector strategies to increase output, stabilize prices, and support economic growth.
The minister disclosed that the National Council on Privatization (NCP) has tasked a technical committee with developing a comprehensive roadmap for repositioning the BoA.
The goal is to transform the institution into a more efficient and well-capitalized entity capable of providing farmers with better access to credit, modern equipment, and infrastructure.
“With the right strategy and leadership, the BoA can drive agricultural expansion and contribute to long-term economic stability,” the minister stated.
The government’s renewed focus on agriculture comes amid efforts to tackle food insecurity and inflation, both of which have significantly impacted Nigerians.
Experts believe that a revitalized BoA will play a crucial role in unlocking Nigeria’s agricultural potential and strengthening its position as a leading food producer in Africa.
As the restructuring plan takes shape, stakeholders remain hopeful that this intervention will provide farmers with much-needed support, drive rural development, and create jobs in the agricultural value chain.
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