The Federal Government has hinted of its plans to invest N1.5 trillion into the Bank of Agriculture (BoA) in furtherance of its current efforts targeted at , ensuring access to long-term financing for farmers and agribusinesses with the attendant implications for wealth creation, improved agricultural productivity, food security in the country.
The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, who gave these hints on Monday during the KPMG Budget 2025 Programme on Arise News, elaborately gave insights into the government’s strategy to improve the performance of key sectors of the economy.
Specifically, the minister elaborated on the critical roles of agriculture in poverty reduction, addressing surging inflation, and facilitating inclusive economic growth, adding the present administration is fully committed to modernising agricultural production and ensuring that farmers are supported with funds to optimize their productivity.
According to him, the invaluable benefits of the sector give further impetus to do more in agriculture so that the government can maintain the trajectory of modernizing the nation’s agricultural production—from the artisanal level to the livestock sector to the fisheries sector—so that the country can scale higher.
Bagudu maintained that when more people become engaged in agriculture, it will help in wealth creation for the famers and the nation’s economic growth.
He clarified: “We have set aside N1.5tn in the budget to capitalise the Bank of Agriculture, and it is anticipated that with this recapitalisation, the challenges we currently see in funding agriculture will be addressed.”
Similarly, the minister disclosed that the government had budgeted N1 trillion in the 2025 financial year for the solid minerals sector to improve its contributions to the nation’s Gross Domestic Product (GDP) on a sustainable basis in the years ahead.
He explained: “While we have done a lot in terms of institutional alignment, we have created a solid minerals ministry, but some of the risk capital required to propel the sector to greater production and productivity has not been provided. With this N1tn, we will see a faster transition of activity in the solid minerals sector.”
Bagudu maintained that these investments aligned with current administration’s economic agenda to diversify the nation’s economy, reduce over-dependence on oil revenue, and provide the needed support for sectors with high growth potential.
