BOA Board Pledges Better Farm Financing to Boost Food Security
The Board of the Bank of Agriculture (BOA) has pledged to work with the Federal Ministry of Agriculture, the bank’s management and other stakeholders to improve financing for farmers and agribusinesses. At a retreat for the newly inaugurated board in Abuja, Chairman Mohammed Babangida said the bank’s success should be measured by its impact on food production, rural communities, jobs, agribusiness growth and national food security. Agriculture Minister Abubakar Kyari urged the BOA to provide timely, affordable and flexible loans that reflect farming seasons and the needs of different agricultural value chains. He said smallholder farmers, women, youths, cooperatives and agribusinesses should be prioritised. The Federal Government also called for innovative financing, guarantees and stronger partnerships to reduce lending risks and expand access to agricultural credit.
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