By Melvin Onwubuke
The Vice President, Kashim Shettima has disclosed, the federal government motives to revive the Bank of Agriculture through Capitalization and restructuring.
The aim is to strengthen the Agricultural sector and secure national food self sufficiency.
According to nairametrics, the vice president, speaking at the first National Council on Privatization meeting in 2024. The vice president highlighted the Bank of Agriculture’s vital role in securing food security.
According to the vice president “We have no business being poor. Let us leverage on science and technology. There are three or four states that can feed the entire country.”
Meanwhile, the reports on recapitalization and restructuring of BOA, is in the final stage of preparation by a committee, lead by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of Economy.
Nigeria is currently struggling with food inflation rate of 35.41% as at January, surging prices of essential foods such as maize, rice and other grains.
The federal government in response to the escalating situation, has announced a strategic intervention, aimed at alleviating the crisis.
The recapitalization of the Bank of Agriculture is hoped will provide farmers with needed access to finance for their businesses.
In addition, it was revealed that, between 2014 and 2022, the highest commercial bank loan, the sector got in 7years was N1.4 trillion in 2020 which accounted for 5.15% of the total commercial loan.
