The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, says the Federal Government is repositioning the Bank of Agriculture to deliver more affordable finance to smallholder farmers, women, youth and agribusinesses in order to boost food production, create jobs and strengthen food security.
Speaking during a one-day retreat for the newly inaugurated Governing Board of the Bank of Agriculture in Abuja on Tuesday 11th August, 2026, Sen. Kyari charged the Board to explore innovative financing mechanisms such as blended finance arrangements, guarantees and credit enhancement schemes to de-risk agricultural lending and expand access.
According to him, “The Bank has a critical responsibility to provide appropriate, affordable and accessible financial services to those who are often underserved by conventional financial institutions.”
The Minister noted that the success of the Bank will contribute significantly to the Federal Government’s efforts to achieve food security, reduce poverty, promote agro-industrial development and strengthen the resilience of agricultural value chains under the Renewed Hope Agenda.
He added that financing must be timely and responsive to the seasonal nature of agriculture to ensure it reaches the rural farmer, women in processing, youth in agribusiness and cooperatives seeking to expand.
Kyari urged the board to build strategic partnerships with state governments, development partners, financial institutions, the private sector, and cooperatives to mobilize more resources and expand the bank’s reach. He stressed that the mandate was enormous and required broad collaboration.
He further tasked the Board to develop a practical, measurable, and time-bound Strategic Roadmap for Repositioning the Bank, aligned with the Federal Government’s priorities on agriculture and food security
The Minister stressed that effective governance, transparency and accountability must remain at the heart of the Board’s stewardship, with zero tolerance for practices that undermine the Bank’s credibility.
“Nigeria has enormous agricultural potential. What is required is a financial institution that is sufficiently strong, innovative, accountable and responsive to unlock that potential at scale,” he emphasized.
While congratulating the Chairman and members of the Board on their inauguration on 3rd July, 2026, Sen. Kyari expressed confidence that working with the Management of the Bank, the Ministry, State Governments and other stakeholders, the Board can reposition BOA as a more impactful institution.
In his remarks, the Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi, urged the Board to focus on repositioning agriculture from subsistence production to a commercially viable, technology-driven and investment-oriented sector.
He revealed that the success of the Bank will impact the ability of farmers to produce, businesses to invest, create jobs for youth, and improve the affordability and availability of food for Nigerians.
Sen Abdullahi charged the Board to be bold in thinking, disciplined in execution, and to serve with integrity and diligence, stressing that the central question before them is how the Bank of Agriculture can be repositioned to deliver greater and more sustainable impact to Nigerian farmers, agribusinesses and the Nigerian economy.
He further assured the Board of the Ministry’s continued guidance and stressed the need for leadership and professionalism to deliver measurable results in line with President Bola Ahmed Tinubu, GCFR’s sustained commitment to the agricultural sector.
In his welcome address, the Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr. Marcus Olaniyi. Ogunbiyi stated that ‘’ It is essential that the Bank continues to strengthen its corporate governance mechanisms and ensure strict compliance with all relevant laws, regulations, financial management requirements and established best practices.’’
Dr. Ogunbiyi added that ‘’Robust internal controls, prudent financial management, effective risk management, transparency in procurement and lending processes, and appropriate accountability mechanisms are indispensable to the credibility, sustainability and effectiveness of the Bank’’.
He tasked the Board to ensure that the Bank’s resources are deployed efficiently and responsibly to achieve measurable development outcomes. Every intervention should be guided by clear objectives, proper due diligence, transparency and mechanisms for monitoring and evaluating impact.
During his remarks, the Chairman, BOA Board, Alhaji Mohammed Babangida said that the retreat comes at an important time as we prepare to assume the full responsibilities entrusted to us as members of the Board.
He revealed that their appointment provides an opportunity to deepen our understanding of the Bank, its mandate, operations, and strategic direction.
Alhaji Babangida pledged that ‘’we must provide sound strategic oversight, ensure strong corporate governance, hold Management accountable for performance, and help position the Bank to deliver effectively on its mandate’’.
In attendance were BOA’s Board Members, Development partners and Ministry’s officials among others.
Ezeaja Ikemefuna
Head, Department of Information
11/8/2026
