The federal government said Tuesday that it would finalise the recapitalisation of the Bank of Agriculture (BOA) by the end of the first quarter of 2025.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, said this while briefing State House correspondents on the activities of the ministry in Abuja.
He said the bank would be recapitalised to enhance funding for smallholder farmers and address the long-standing issues of inadequate financial support in commercial agriculture.
The minister the recapitalisation is crucial for combating food inflation, which currently stands at approximately 34%.
He said the bank, with with about 109 branches, has the potentials to aid funding for the agriculture sector.
“Bank of Agriculture has branches in all 109 senatorial districts and can reach out quickly to those farmers. What we are saying is that you need to support smallholder farmers who lack capital.
“So, we have written to some banks. We are also reorganising the Bank of Agriculture to support what the government is doing in the sense of public financing in the budgets and what have you,” he said.
The minister also told journalists that the government has begun receiving the 2000 tractors from Belarus.
He said 255 of the tractors have arrived the country.
He said other equipment have started arriving the country in batches.
