Okwe Obi, Abuja

In a bid to create a sense of belonging, the Federal Government has said it will dole out 30 per cent shares of the Bank of Agriculture (BOA) to farmers, while the rest will go to the Ministry of Finance and the Central Bank of Nigeria (CBN).

The federal government also said the reason why it is taking long for BOA’s recapitalisation is because of the removal of the entire team and bringing in of bankers who know the technical know-how.

Government disclosed this through the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who further dropped hints on plans to establish BOA across the 774 local government areas of the Federation as well as make loans available and affordable to farmers.

Ogbeh stated this, recently, in Abuja, when the ministry signed a pact with John Deere Tractor Manufacturing Comapany; on the procurement of tractors and provision of farm mechanisation services.

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On the issue of non-payment of loans, Ogbeh said the era where farmers collect loans and refuse to pay was long gone.

“Some people believe that the bank won’t have collateral. The farmer’s houses in the village is as important to him as another in Maitama.

“So, if you refuse to pay and we decide to seize your house, it would be embarrassing.
“We have structured this lending system in such away that nobody runs away with our loans.

“And, it took some careful work because the bank has had problems for years; they give loans and nobody pays back,” he added.

For the record, Ogbeh divulged the success in the sector, stating that Nigeria’s agricultural export earnings has received a boost by 180 per cent, reaching over N5 billion in the last one year.
He also said the the newly-introduced Agriculture Input and Mechanization (AIM) will be launched to replace the Growth Enhancement Support (GES).