FG to boost BoA with N250b

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The Federal Government has revealed that 250 billion Naira will be directed to the Bank of Agriculture in a bid to revitalize the bank and to enable grant credit access to farmers.

This was revealed by Dr. Alex Okoh at a Stakeholders Media Interactive Forum, organized by the Bureau of Public Enterprises (BPE).

The BPE Director-General explained that the equity holding in the recapitalized bank will render a ratio of 40 per cent to the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI), 20 per cent to the private sector and 40 per cent to active farmers.

He said that this action was in line with the current restructuring/commercialization effort and would “lead to the emergence of an Agriculture Micro Finance Bank that will provide capital for small-scale farmers thereby boosting productivity in the sector,”

The Bureau had earlier admitted that it would not be able to meet its share of about N300billion contribution to the N8, 612trillion 2018 National Budget before the end of the year.

This sum was expected to be generated from the sale of some power plants in Nigeria which was expected to have been finalized this year.

The post FG to boost BoA with N250b appeared first on AgroNigeria.

Source: AgricNews-Update

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