The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has tasked the newly inaugurated Governing Board of the Bank of Agriculture (BOA) to adopt innovative financing models to expand affordable credit to farmers and agribusinesses across the country.
Kyari specifically urged the board to explore blended finance arrangements, guarantees and credit enhancement schemes to reduce the risks associated with agricultural lending and widen access to finance for smallholder farmers, women, youths and agribusiness operators.
The minister spoke on Tuesday, at a one-day retreat for the newly inaugurated BOA Governing Board in Abuja.
He said repositioning the bank to provide timely, affordable and accessible financial services would be critical to increasing food production, creating jobs, reducing poverty and strengthening Nigeria’s food security.
Kyari said agricultural financing must be responsive to the seasonal nature of farming and reach rural farmers, women involved in processing, young people in agribusiness and cooperatives seeking to expand their operations.
“The Bank has a critical responsibility to provide appropriate, affordable and accessible financial services to those who are often underserved by conventional financial institutions,” he said.
The minister urged the board to forge stronger partnerships with state governments, development partners, financial institutions, the private sector and cooperatives to mobilise additional resources and extend the bank’s reach.
He also directed the board to develop a practical, measurable and time-bound strategic roadmap for repositioning the BOA in line with the Federal Government’s priorities on agriculture and food security.
Kyari stressed that effective governance, transparency and accountability must remain central to the board’s stewardship, warning against practices capable of undermining the credibility of the institution.
“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 said.
While congratulating the board, which was inaugurated on July 3, 2026, Kyari expressed confidence that its collaboration with the BOA management, the ministry, state governments and other stakeholders would reposition the bank as a more impactful institution.
The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, also charged the board to move the agricultural sector from subsistence production to a commercially viable, technology-driven and investment-oriented sector.
Abdullahi said the performance of the BOA would have a direct impact on farmers’ ability to produce, businesses’ capacity to invest, youth employment and the affordability and availability of food.
He urged the board to be bold in its thinking, disciplined in execution and committed to integrity and diligence.
The minister said the key challenge before the board was to determine how the BOA could be repositioned to deliver greater and sustainable impact to farmers, agribusinesses and the wider Nigerian economy.
He assured the board of the ministry’s continued guidance and support, stressing the importance of professional leadership and measurable results in advancing President Bola Ahmed Tinubu’s commitment to the agricultural sector.
The Permanent Secretary of the ministry, Dr Marcus Olaniyi Ogunbiyi, in his welcome address, urged the board to strengthen the bank’s corporate governance framework and ensure strict compliance with relevant laws, regulations, financial management requirements and established best practices.
Ogunbiyi said robust internal controls, prudent financial management, effective risk management, transparency in procurement and lending, as well as strong accountability mechanisms, were essential to the credibility and sustainability of the bank.
He tasked the board with ensuring that the bank’s resources were deployed efficiently and responsibly to achieve measurable development outcomes.
According to him, every intervention should be guided by clear objectives, proper due diligence, transparency and effective monitoring and evaluation mechanisms.
The Chairman of the BOA Board, Alhaji Mohammed Babangida, said the retreat came at an important time as the new board prepared to assume full responsibility for the institution.
Babangida said the appointment offered the board an opportunity to deepen its understanding of the bank’s mandate, operations and strategic direction.
He pledged that the board would provide sound strategic oversight, strengthen corporate governance, hold management accountable for performance and reposition the institution to effectively deliver on its mandate.
The retreat was attended by members of the BOA Board, development partners and officials of the Federal Ministry of Agriculture and Food Security, among others.