The Federal Government has announced the recapitalisation of the Bank of Agriculture with ₦1.5 trillion, a move to expand farmers’ access to credit and accelerate Nigeria’s agricultural transformation.

The Minister of Information and National Orientation, Mohammed Idris, disclosed this during a World Press Conference on Monday in Abuja. 

He said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises food security, economic growth, and job creation.

According to Mr Idris, the ₦1.5 trillion recapitalisation represents Nigeria’s most significant boost to agricultural financing. 

The funding is expected to facilitate farmers’ access to loans for mechanisation, improved seeds and fertilisers, and modern livestock practices.

“President Tinubu has also established the Federal Ministry of Livestock Development to harness our underutilised potential and transform Nigeria’s livestock sector into a sustainable and globally competitive industry,” the minister said.

Mr Idris stressed that the federal government expects all tiers of government to contribute to national economic growth through agriculture, noting that the theme of Nigeria’s 65th Independence Anniversary, ‘All Hands on Deck’, reflects this collective responsibility.

The recapitalisation of the Bank of Agriculture is particularly significant for smallholder farmers, who comprise more than 70 per cent of Nigeria’s agricultural workforce. 

With improved financing, they can adopt climate-smart practices, expand production, and reduce the country’s heavy reliance on food imports.

The establishment of a dedicated Livestock Development Ministry also signals a shift towards specialised agricultural policies, positioning Nigeria to compete globally in dairy, poultry, and meat production.

Source: Daily Nigeria

Image Credit: The Peoples Talk