The Chief Executive Officer of the Bank of Agriculture (BOA), Ayo Sotinrin, has announced that the federal government is set to inject ₦1.5 trillion into the bank as part of a major recapitalisation effort aimed at transforming Nigeria's agricultural sector.
The initiative is designed to expand access to funding for agribusinesses, with the goal of empowering over 70 million farmers across the country.
Speaking during the National Young People's Dialogue on Inclusive Food Systems in Abuja—organized by ActionAid Nigeria in collaboration with the Senate Committee on Agriculture and GIZ—Sotinrin revealed that the bank is also launching an aggressive loan recovery drive.
He said that BOA is owed over ₦20 billion by defaulters and would first appeal for repayment before enforcing recovery, noting that repaid loans may qualify borrowers for new credit under stricter terms.
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He emphasized that BOA is not a political entity but a development-driven financial institution. "We're not giving out freebies. We're transforming BOA into a tech-driven bank that offers tailored financial support across agricultural value chains," Sotinrin said.
The bank is also looking to raise international capital to further enhance its lending capacity and help farmers increase productivity—from one ton per hectare to as much as nine tons per hectare—in a bid to address food insecurity and promote agriculture as a business rather than just a livelihood.
Deputy Director of ActionAid Nigeria, Suwaiba Dankabo, underscored the urgency of increased investment in youth-focused agricultural initiatives. She advocated for the creation of the Nigerian Youth in AgriTech & Innovation Programme (NYATIP) Fund to enhance employment, reduce poverty, and drive inclusive economic growth through agriculture.
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