President Bola Ahmed Tinubu has approved the recapitalisation of the Bank of Agriculture (BOA) with N1.5 trillion (approximately $1 billion), in what has been described as the most significant agricultural financing intervention in Nigeria’s history.
According to a statement released by the Federal Ministry of Agriculture and Food Security on Wednesday, the recapitalisation is aimed at repositioning the BOA into a modern development finance institution. The initiative will focus particularly on providing accessible credit and capacity development support for youth and women-led agribusinesses.
“The recapitalisation would reposition BOA as a dynamic development finance institution, with deliberate targeting of youth and women-led agribusinesses,” the statement said.
Minister of Agriculture and Food Security, Abubakar Kyari, also revealed that the rollout of the National Agricultural Technology and Innovation Policy (NATIP) will accelerate Nigeria’s agri-ecosystem by improving access to modern inputs and making farming more attractive, rewarding, and competitive.
He described NATIP as the strategic policy platform for transforming agriculture into a tech-enabled, youth-driven sector capable of driving food security, job creation, and rural development.
The combined initiatives are expected to strengthen Nigeria’s food system, expand agricultural productivity, and foster inclusive economic growth.
