By Mary Izuaka

 

The Minister of Agriculture and Food Security, Abubakar Kyari, has directed the newly inaugurated Governing Board of the Bank of Agriculture (BOA) to adopt innovative financing tools including blended finance, credit guarantees and other risk-sharing mechanisms to make loans more accessible and affordable for farmers.

Ezeaja Ikemefuna, head, department of information of the ministry disclosed this in a statement on Tuesday.

Speaking on Tuesday at a one-day retreat for the board in Abuja, according to the statement, Mr Kyari said the federal government was repositioning BOA to deliver more affordable finance to smallholder farmers, women, youth and agribusinesses in order to boost food production, create jobs and strengthen food security.

“The bank has a critical responsibility to provide appropriate, affordable and accessible financial services to those who are often underserved by conventional financial institutions,” he said.

He stated that the success of the bank will contribute significantly to the federal government’s efforts to achieve food security, reduce poverty, promote agro-industrial development and strengthen the resilience of agricultural value chains under the Renewed Hope Agenda.

Mr Kyari urged the board to build strategic partnerships with state governments, development partners, financial institutions, the private sector, and cooperatives to mobilise more resources and expand the bank’s reach, stressing that the mandate was enormous and required broad collaboration.

He tasked the board to develop a practical, measurable, and time-bound strategic roadmap for repositioning the bank, aligned with the federal government’s priorities on agriculture and food security

He stressed that effective governance, transparency and accountability must remain at the heart of the board’s stewardship, with zero tolerance for practices that undermine the bank’s credibility.

ALSO READ: FG receives AGROW report, transitions $500 million World Bank agriculture programme to implementation

“Nigeria has enormous agricultural potential. What is required is a financial institution that is sufficiently strong, innovative, accountable and responsive to unlock that potential at scale.”

In his remarks, the Chairman, BOA Board, Mohammed Babangida said that the retreat comes at an important time as we prepare to assume the full responsibilities entrusted to us as members of the board.

He revealed that their appointment provides an opportunity to deepen our understanding of the bank, its mandate, operations, and strategic direction

“We must provide sound strategic oversight, ensure strong corporate governance, hold management accountable for performance, and help position the bank to deliver effectively on its mandate,” Mr Babangida said.