By Tochukwu Bliss, Abuja
The National Council on Privatisation (NCP) has approved the recommendations aimed at repositioning the Bank of Agriculture (BOA) to ensure food security for Nigerians.
The move is also meant to build the bank’s efficiency and effectiveness process automation to ensure accountability for global competition.
The approval is said to have been granted based on the recommendations of the committee on BOA during its second meeting chaired by the Vice President, Kashim Shettima, held on Wednesday, at the Presidential Villa Abuja.
This is contained in a statement by the Head, Public Communications, Bureau of Public Enterprises (BPE), Amina Othman.
At the meeting, Mr Shettima was said to have emphasized the importance of optimizing BOA as part of the administration’s agenda to provide food security for Nigeria.
He also urged the committee to engage professionals with integrity to manage the process effectively.
Presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is also the Vice-chairman of the NCP, highlighted the decision to reposition BOA for efficiency and effectiveness.
He expressed confidence that the recommendations would guide the Council in revitalizing the Bank of Agriculture and positioning it globally.
One of the Key recommendations includes upgrading the Bank’s ICT infrastructure to automate processes and ensure accountability.
…the recommendations would guide the Council in revitalizing the Bank of Agriculture and positioning it globally.
The committee comprised the Finance Minister as Chairman; Minister of Agriculture and Food Security; Governor of CBN; Ministry of Finance Incorporated (MOFI); and Mr. Mohammed Mustapha Bintube.
Others are the Chairmen, Technical and Legal Committees of the NCP; and Director-General, as the Secretary, who were said to have worked diligently to arrive at these recommendations.
Recall that in 2023, an 8-member inter-ministerial team was set up by the NCP to review the state of affairs at BOA, given its critical role in agriculture and the administration’s commitment to food security.
Additionally, in 2016, the NCP approved collaboration between the Bureau of Public Enterprises and the Federal Ministry of Agriculture and Rural Development, along with the Federal Ministry of Finance, to restructure and recapitalize BOA.
Established in 1972, BOA, formerly known as Nigeria Agricultural Cooperative and Rural Development Bank, is owned by the Federal Government, with MOFI holding 60%, and the CBN holding 40%.
The Bank is supervised by the Federal Ministry of Agriculture and Food Security (FMAFS).