Shettima advocates restructuring of Bank of Agriculture to achieve food security

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Vice President Kashim Shettima Tuesday unveiled the Federal Government’s plans to recapitalize and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security.

Shettima, according to a statement issued by his media aide, Stanley Nkwocha, unveiled the plans during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja.

At the event, the Vice President expressed worries over the bank’s current practices, especially its tendency to disburse unsustainable loans.

He said: “We have no business being poor. Nigeria must attain national food security. Let us leverage science and technology. There are three or four states that can feed the whole of this country.

READ ALSO: Nigerian govt uncovers 32 smuggling routes in one axis used in taking food out of Nigeria

“For me, we can marry the Green Imperative Project while we are going to bring in assorted agricultural machinery. Every farmer should be given a tractor, harvester, and other necessary machinery. We can take in the latest advances in science and technology and make it possible to track these items so that divergence can be minimized.

Shettima noted the BOA’s potential to play a central role in achieving national food security with its extensive branch network across all senatorial districts in the country.

He called for modernisation of the BOA, stressing the need to leverage technology and upgrade branch facilities to enable the bank to function more effectively and fulfill its vital role in supporting agricultural development in the country.

He revealed that a committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was finalising a report on the bank’s recapitalization and restructuring.

By: Babajide Okeowo

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