The Bank of Agriculture (BoA) has said that it plans to raise N1.5 trillion to expand its lending capacity to the nation’s agricultural sector.
BoA recently revealed that the move is a major recapitalisation drive aimed at enhancing liquidity in the agric industry.
Speaking at a youth-focused agriculture event, BoA Managing Director, Mr. Ayo Sotinrin, said that the fund will help with sponsoring vital agricultural value chains, tackling infrastructure deficits, and scaling innovations in areas like logistics, storage, and systems.
According to Ayo, the move reaffirms the bank’s main mission of rural agricultural financing, and the aim remains to support Nigeria’s 40 to 70 million farmers and reposition agriculture as an attractive business.
“Our goal is to support Nigeria’s 40 to 70 million farmers and reposition agriculture as a viable business, not just a way of life,” he said.
Sotinrin further revealed that Nigerian youths play a vital role in transforming the nation’s food systems, and their input is needed to boost productivity across the country.
Ayo believes that increasing productivity is the only way to properly address food insecurity and inflation, and by so doing, Nigeria can become the continent’s food capital.
“We must move from one ton per hectare to nine tons. That’s how we tackle food insecurity and inflation, and become Africa’s true food basket,” Ayo said.
Ayo maintained that the bank is ready to keep providing loans at rates below the national prime rate, and exact figures will be announced after the ongoing restructuring process.
The MD reiterated BoA’s commitment to empowering Nigeria’s farming population, especially young farmers, via accessible and affordable financial support.
“We’re working to become a technology-driven, agile bank that delivers capital when and where it’s needed.
We’re not a political movement. We’re a bank. Operation Recover All is about accountability. Debtors will receive formal letters urging full repayment. Those who comply may still qualify for future loans, under stricter terms,” he added.
