President Bola Tinubu has approved the recapitalisation of the Bank of Agriculture with N1.5 trillion—about $1 billion—in what is being hailed as the most significant boost to agricultural financing in Nigeria’s history.

The Federal Ministry of Agriculture announced the approval in a statement on Wednesday, describing it as a landmark intervention to strengthen the country’s agricultural credit system.

“The recapitalisation would reposition BOA as a dynamic development finance institution, with deliberate targeting of youth and women-led agribusinesses through accessible credit and capacity development support,” the statement added.

The announcement came as the Minister of Agriculture and Food Security, Abubakar Kyari, stated in the release that the implementation of the National Agricultural Technology and Innovation Policy would accelerate Nigeria’s agricultural transformation, enhance access to modern inputs, and make farming more attractive, rewarding, and competitive—especially for youth and women.

He noted that the National Agricultural Technology and Innovation Policy serves as the strategic framework for transforming agriculture into a modern, technology-driven, and youth-led sector.

Kyari said “The NATIP provides the strategic policy backbone for transforming agriculture into a tech-enabled, youth-driven sector, promotes mechanisation, digital agriculture, research-commercialization linkages, among others.

“With NATIP, we are building that system, one that supports youth innovation, unlocks productivity, and rewards ambition. We must now ensure it delivers at scale.”

He Minister further pointed to the National Agribusiness Policy Mechanism, introduced by the Federal Government in May 2025, and currently being implemented under the supervision of the Presidential Food Systems Coordination Unit.

“To translate these bold institutional reforms into real impact, we must now set clear delivery expectations. That means establishing annual lending targets for youth and women-led agribusinesses.

“It means designing guarantees to expand access, not inflate fees. It means financing cash flows, not just collateral. And it means equipping entrepreneurs not only with credit, but with the capabilities to absorb and grow that capital,” he noted.

He noted that the initiative is already gaining momentum in several states, reaching around 250,000 farmers—an early indication of its potential when backed by strong political will and effective coordination.

Kyari also stressed that President Tinubu’s Renewed Hope Agenda positions food security and job creation as mutually reinforcing pillars of national development.

“Mr President, in articulating the Renewed Hope Agenda, placed food security and job creation not as standalone ambitions but as interdependent levers for economic diversification, social stability, and national sovereignty,” he said.

“This agenda affirms the right to feed ourselves with what we grow, process, and add value to. Food sovereignty means reclaiming control over food systems, reducing reliance on imports, and investing in the strength of Nigerian farmers, processors, and agribusinesses as the foundation of national resilience.”