FG Recapitalizes Bank of Agriculture with N1.5tn, Commits N200bn to Strengthen Food Security
FG injects N1.7 trillion into agriculture, aiming to boost food security and farmer support.
Gambia hails Nigeria’s progress, seeks help replicating rice production and mechanization reforms.
In a bold push to transform Nigeria’s agricultural sector, the Federal Government has recapitalized the Bank of Agriculture (BoA) with a substantial N1.5 trillion and earmarked an additional N200 billion for direct interventions in farming. This landmark investment, announced by the Minister of Agriculture and Food Security, Abubakar Kyari, is set to significantly boost farmers’ access to finance and support nationwide food production efforts.
The announcement was made on Friday during a strategic visit by a Gambian delegation to Nigeria’s Ministry of Agriculture headquarters in Abuja. Kyari described the recapitalization as a long-overdue move to empower the Bank of Agriculture, which plays a crucial role in providing credit facilities and financial services to Nigeria’s smallholder and commercial farmers.
“We are determined to address the challenges in our food system by making finance accessible and supporting local production,” the minister said. “Through this recapitalization, the BoA will be better positioned to meet the needs of farmers across the country.”
Alongside the financial injection, Kyari revealed that the government had already distributed over 2.15 million bags of fertiliser to farmers in a drive to improve soil fertility and crop yields. This is part of a wider initiative under President Bola Tinubu’s food security plan, which was declared a national emergency in July 2023.
A regional partnership for agricultural growth
The Gambia’s Minister of Agriculture, Demba Sabally, who led the visiting delegation, praised Nigeria’s progress in agriculture, particularly its rice production schemes, post-harvest management, and mechanization models. Sabally stated that his country is now more optimistic about achieving rice self-sufficiency by 2030 and requested Nigeria’s assistance in the form of a “Rice Ambassador” to guide The Gambia’s agricultural reform.
“We have witnessed a real transformation in Nigeria’s agricultural model from outgrower support to value chain improvements,” Sabally said. “This kind of model is exactly what The Gambia needs to replicate.”
The Gambian officials were given a comprehensive tour of Nigeria’s National Agricultural Seed Council in Sheda, Abuja, where they inspected national mechanization equipment and engaged in technical briefings.
Nyangado Alhagie, Permanent Secretary of The Gambia’s Ministry of Agriculture, described the visit as “transformational” and noted that Nigeria’s best practices could serve as a blueprint for agricultural advancement in other West African countries.
Rebuilding agriculture with strategic vision
Kyari reiterated Nigeria’s readiness to collaborate with neighboring countries through technical exchanges and regional partnerships under the Economic Community of West African States (ECOWAS). According to him, Nigeria’s renewed focus on food security is guided by four pillars: sustainable mechanization, youth involvement in agriculture, food sovereignty, and data-driven policymaking.
A major element of this strategy is the establishment of a national farmer registry expected to capture information on over 42 million farming households. This initiative aims to improve planning, streamline interventions, and ensure targeted support to actual farmers.
Minister of State for Agriculture, Aliyu Abdullahi, also spoke at the event, describing the Gambian visit as a positive example of African nations cooperating for mutual benefit. He pointed out that Nigeria’s growing success in rice production could serve as a model for countries grappling with food security challenges.
The combined N1.7 trillion investment, N1.5 trillion in recapitalising the BoA and N200 billion for direct agricultural programs marks a significant shift in Nigeria’s approach to agriculture. With improved access to funding, distribution of vital inputs like fertiliser, and an emphasis on regional collaboration, the country appears to be laying the groundwork for a more resilient, productive, and sustainable agricultural sector.
As West Africa continues to grapple with climate challenges, food inflation, and supply chain disruptions, Nigeria’s agricultural reforms could become a regional benchmark, especially if consistently backed by political will, public-private partnerships, and cross-border cooperation.
