- FG Restates Commitment to Restructure BOA
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, stated yesterday in Kaduna that there was no going back on the restructuring and repositioning of the Bank of Agriculture (BOA).
Speaking yesterday at the launching of capacity building and institutional strengthening of BOA project, Ogbeh disclosed that President Muhammadu Buhari had since given the nod for the restructuring and repositioning of the bank.
Represented at the occasion by an official in the ministry of agriculture and rural development, Mr. Godwin Obinna Opara, the minister said the restructuring of the bank will help in diversifying the nation’s economy from over dependence on oil as the main stay of the economy.
He stressed that restructuring, capitalising and repositioning of the bank is one of such programmes through which the president has given his approval in order to ensure that it remains a key instruments for funding agricultural activities to help diversify economy.
The minister said Nigeria currently needs a financing mechanism that will help small farmers, agro-prenure and SMEs to access credit facilities at affordable cost and at single digit interest rate adding that only the bank can provide such services.
Also speaking on the occasion, the Special Adviser to Central Bank of Nigeria (CBN) Governor on Development Finance Institutions (DFIs), Mr. Paul Eluhaiwe, noted that BoA “is sick and needs restructuring.”
He said the bank has all the resources to turn its fortunes for the better, pointing out that “posterity will not forgive us if we fail to turn it around around for the good of Nigerian farmers.”
Speaking earlier, the acting Managing Director of the bank, Mr. Babatunde Igun, admitted that the bank is financially weak, with several challenges militating against its
performance, including improvement of staff skills to enhance their capacity.
He stressed the need for the bank to brace up for modern agricultural activities in order to cope with competition and for it to deliver its core mandate to the people.