The Chief Executive Officer of the Bank of Agriculture (BOA), Ayo Sotinrin, on Thursday hinted that the Federal Government would soon release N1.5 trillion recapitalisation fund for the bank as part of its sustained drive to boost productivity in the nation’s agricultural sector.
Sotinrin made this disclosure at the National Young People’s Dialogue on Inclusive Food Systems, organised by ActionAid Nigeria in collaboration with the Senate Committee on Agriculture and Rural Development and supported by GIZ Sustainable Agricultural Systems and Policies (AgSyPs) in Abuja.
He said that apart from raising more capital, the bank would provide support for at least 70 million farmers to boost food production.
He said: “The recapitalisation fund is N1.5 trillion. We also intend to raise the international capital so that we can cover a lot of value chains within the sector.
“We have a high rate of foreign loans. What we are looking at is to appeal to Nigerians who owe the bank money to repay.
“BOA does not engage in largesse. We are not a political association or movement; we are a bank, even though it is owned by the government. We are beginning an ‘operation recover loan’, to appeal to those who owe the bank to bring our money back.
“Also, to tell them that if they are able to return their loans, they will be entitled to new loans but with a new condition. We plan to digitize the bank. We are almost there.
“We are having sleepless nights to make it a technological-driven bank, which will enable farmers to get the right kind of capital. Enforcement will start after we have appealed to everybody. The debt is above N20 billion.
“We want to support 70 million farmers to start to think about agriculture not just as a way of life but as a business. It starts with us going through our foundation in rebuilding how to create food systems, which is moving from one ton per hectare to nine tons per hectare. It only makes sense to increase our yield so that we can solve food insecurity”, the BOA’s boss added.
Speaking at the forum, Deputy Director of ActionAid Nigeria, Suwaiba Dankabo, noted that despite the potential of agriculture to tackle hunger, the sector had been facing numerous challenges that constrained effective youth participation and employment.
To reverse the ugly phenomenon, the civil society advocate canvassed the need to establish the Nigerian Youth in AgriTech & Innovation Programme (NYATIP) Fund, which is a high-return investment to support rural and urban young people in agriculture for employment generation, poverty reduction and economic growth and transformation.
