News Investigators/ The Tinubu Media Volunteers have described the federal government’s recapitalisation of the Bank of Agriculture (BOA) with N1.5 trillion as revolutionary.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group noted that it is one of the several measures by the President Bola Tinubu administration to boost the agriculture sector.
The statement reads: “We note that the Bank of Agriculture, as a specialised bank solely established to support agriculture in Nigeria, will now be in a better position to lend money to qualified farmers, and other agriculture–related ventures.
“It is also noted that whereas the commercial banks are capitalised up to N500 billion, the Bank of Agriculture’s recapitalisation has been tripled.
“This organic measure by the federal government is aimed at providing the bank with the enabling by the owners and shareholders to key into the agricultural revolution of the federal government.
“There is no doubt that with sufficient funds now at the disposal of the bank, it will play a pivotal role in the avowed commitment of the President Tinubu administration to food security in the country. Definitely, it offers an opportunity for Nigerian farmers to be empowered and be more productive.
“We also acknowledge that the recapitalisation goes a long way to reaffirm Nigeria’s role in transforming the ECOWAS regional food systems, and this was adequately encapsulated in President Bola Tinubu’s July 2023 declaration of a State of Emergency on food security.”
The group also commended the commitment of the Tinubu administration to addressing food shortages in the country.
