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Restructuring and Repositioning of Bank of Agriculture (BOA) Underway, says VP Shettima
Vice President Kashim Shettima has unveiled the government's initiative to revitalize and restructure the Bank of Agriculture (BOA) in a bid to strengthen Nigeria's agricultural sector and ensure national food security.
During the inaugural meeting of the National Council on Privatisation (NCP) for 2024 held at the Presidential Villa in Abuja on Tuesday, Vice President Shettima emphasized the pivotal role of the BOA in achieving food security, highlighting its extensive branch network spanning all senatorial districts across the country.
Expressing apprehension over the bank's current practices, particularly its issuance of unsustainable loans.
Senator Shettima advocated for the modernization of the BOA. He stressed the importance of embracing technology and upgrading branch facilities to enhance the bank's efficiency in supporting agricultural development.
Furthermore, Vice President Shettima proposed the integration of the Green Imperative Project into the BOA's restructuring plans.
He outlined plans to equip farmers with essential agricultural machinery, such as tractors and harvesters, while leveraging science and technology to track these items and minimize diversion.
The Vice President asserted Nigeria's potential to achieve national food security, citing the abundance of resources and the capacity of certain states to sustainably feed the entire country.
Meanwhile, a committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is finalizing a report on the recapitalization and restructuring of the BOA, with key decisions already made and further updates anticipated.
Other updates provided during the meeting include efforts to address issues related to the sale of NITEL/MTEL property in Lagos and the ongoing audit of NIPOST properties nationwide as part of the Postal Sector Reform, among other initiatives aimed at enhancing the country's economic landscape.
