Vice President Kashim Shettima has revealed the Federal Government’s plans to revitalize the Bank of Agriculture (BOA) as part of efforts to enhance Nigeria’s agricultural sector and achieve national food security.
Speaking at the first meeting of the National Council on Privatisation (NCP) for 2024, held at the Presidential Villa in Abuja, Shettima underscored the importance of restructuring the BOA to address current challenges, particularly its unsustainable loan practices.
Shettima emphasized the need to modernize the BOA, leveraging technology to upgrade branch facilities and streamline operations. He highlighted the bank’s extensive branch network across all senatorial districts in Nigeria as a crucial asset in achieving national food security.
The Vice President proposed integrating the Green Imperative Project with the BOA’s restructuring plans, aiming to provide farmers with essential agricultural machinery such as tractors and harvesters. He stressed the potential of science and technology in boosting agricultural productivity, asserting that Nigeria has the capacity to attain food security with strategic leveraging of these resources.
Regarding the progress on BOA’s recapitalization and restructuring, Shettima disclosed that a committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is finalizing a report. He indicated that key decisions have been made, with further updates expected soon.
In addition to discussions on the BOA, the NCP announced significant progress in the concession of the Zungeru Hydroelectric Power Plant (ZHPP) to Penstock Limited. The official transfer of operations to Penstock Limited aims to enhance Nigeria’s power generation capacity and meet the country’s growing energy demands.
The meeting also addressed updates on the sale of NITEL/MTEL property in Lagos and the audit of NIPOST properties nationwide. Efforts are underway to evict illegal occupants and resolve legal challenges, while the Federal Mortgage Bank restructuring is set to commence shortly.
