Minister of Agriculture and Rural Development, Dr. Mahmood Abubakar has vowed to reposition the Bank of Agriculture (BOA) to deliver on its mandate.
According to Abubakar, the BOA is an important institution in improving access to grants to smallholder farmers, boost food production and generate revenue for the country.
As a Development Financial Institution in the agriculture sector, the BOA will provide agriculture and rural financing for smallholder farmers, he said.
The minister revealed this recently during his familiarisation tour to some of the Agricultural institutions in Kaduna State.
He reaffirmed the Federal Government’s commitment to its diversification plan through agriculture.
The plan, he noted, would boost nutrition and food security, increase local farmer income while creating more jobs for Nigerian farmers.
“President Buhari is very passionate about the need to grow what we eat and eat what we grow to de-emphasize unnecessary importation of food which constitutes a drain on our foreign exchange,” Abubakar said.
He pledged that the ministry under his watch would ensure that the BOA obtained a licence to operate maximally and deliver services towards achieving its core objectives and mandate.
Abubakar further disclosed ongoing plans by the ministry in collaboration with the Central Bank of Nigeria (CBN) to streamline agricultural Loans to farmers for proper utilisation, effective production and efficient services schemes in various value chains.
On his part, Acting Managing Director, BOA, Alhaji Alwan Ali Hassan, called for the completion of the restructuring and recapitalisation of the bank as approved by the shareholders on August 18, 2021.
“Repositioning the bank to achieve its mandate and impact on the growth of agriculture in the country will increase food production and ensure food security while at the same time improve the lives of the farming communities,” Hassan said.
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