The Federal Government (FG) has reaffirmed its commitment to restructuring and recapitalizing the Bank of Agriculture (BoA) as part of a broader strategy to boost the economy and enhance food security.
The move is expected to strengthen the agricultural sector, stabilize food prices, and contribute to long-term economic stability.
At a progress report meeting held during the week, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the crucial role of the BoA in increasing agricultural production and stabilizing market prices.
“While monetary measures remain important, we must also implement fiscal and real-sector strategies that increase output, support economic growth, and help dampen inflation,” he stated.
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The National Council on Privatization (NCP) has taken proactive steps by tasking its technical committee with developing a comprehensive roadmap to reposition the bank.
This roadmap is expected to outline strategic reforms and operational enhancements aimed at transforming the BoA into a more robust engine of agricultural expansion.
Minister Edun expressed confidence that with the right strategy and strong leadership, the revamped BoA could significantly drive agricultural growth and secure a stable economic future.
“Our commitment to the agricultural sector is unwavering. By modernizing the Bank of Agriculture, we are not only aiming to boost production but also to ensure that farmers have the necessary support to thrive in a competitive market,” he said.
The government’s initiative comes at a critical time as the country continues to face challenges related to inflation and food security.
The move is widely seen as a key step in aligning fiscal policies with real-sector investments, which are essential for sustainable economic growth.
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With the technical committee’s roadmap in progress, stakeholders in the agricultural sector and the broader economy are hopeful that the restructuring of the BoA will yield positive outcomes soon.
The government’s proactive measures underscore its dedication to not only reforming financial institutions but also fostering an environment that supports economic stability and growth.
