FG plans to restructure BoA for easier access to credit


The Federal Government has said plans are underway to restructure the Bank of Agriculture (BoA) as part of an effort to make it easier for Nigerian farmers to access credit facilities on offer in the bank.
 
Chief Audu Ogbeh, Minister of Agriculture and Rural Development,
Chief Audu Ogbeh, Minister of Agriculture and Rural Development, who announced this at the Ministerial Press Briefing on the celebration of the World Food Day in Abuja, stated that the process of restructuring BoA has commenced.

He explained that the bank will be reorganised to stimulate an increased interest of people in farming as a source of livelihood and for effective performance through the provision of credit facilities to agribusiness in the country.

He condemned the high-interest rate charged on loans by commercial banks, saying that the agriculture sector cannot survive more years of lending money at 25 percent to farmers.

Ogbeh said the vision and mission of the ministry include to ensure sustainable access, availability and affordability of quality food for all Nigerians and to be a significant net provider of food to the global community and production of raw materials to meet the needs of the expanding industrial sector.

He commended the Food and Agriculture Organization (FAO) and other development partners who have been very strong partners in the nation’s agricultural sector.

He reiterated the commitment of the present administration to continue initiating potent policies that would transform the agricultural sector “to the level we can feed well, feed cheaply and be independent as a country.”


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