FG to recapitalise Bank of Agriculture by N3tr

As part of the effort to ensure that farmers in the country gain access to funds at affordable interest rates, the Federal Government has said an additional N3 trillion will be invested in the Bank of Agriculture (BoA) within the next few years.

Senator Heineken Lokpobiri‎
 Minister of State for Agriculture
Senator Heineken Lokpobiri‎, Minister of State for Agriculture, who gave this indication while speaking at the inaugural harvest of a Tillapia fish farm by Premium Aquaculture Limited in Oyan Dam, Ogun State, said the government decided to recapitalise BOA in order to help farmers who are increasingly finding it difficult to access funds from commercial banks in the country.

He disclosed that demand for fish in the country is estimated at 3.1 metric tonnes per annum while supply currently stands at about 1.1 metric tonnes per annum, leaving a deficit of 2.1 metric tonnes.


He said: "When this administration came on board, the supply was around 800,000 metric tonnes per annum, but due to government policy on fishery by the ministry of agriculture, the country is now doing 1.1 metric tonnes per annum."

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