The Federal Government has sworn in a new board of directors for the Bank of Agriculture, tasking them with transforming the institution into Nigeria's primary engine for agricultural financing and food security. The charge came during the inauguration ceremony in Abuja, where officials laid out ambitious plans for the bank's future.
Abubakar Kyari, minister of agriculture and food security, told the newly appointed board members they must rebuild the institution into a robust development finance bank. He said their work would directly support President Bola Ahmed Tinubu's Renewed Hope Agenda by boosting food security, expanding farmer access to credit, creating jobs and driving agricultural transformation across the country.
Kyari explained that the Bank of Agriculture serves as the nation's leading agricultural development finance institution, providing loans to farmers, cooperatives, processors and agribusinesses nationwide. He traced the bank's origins to its 1972 establishment in Kaduna as the Nigerian Agricultural Bank.
"The work of renewal has already begun; your task is to give it scale and permanence," Kyari told the board. "From today there is no old guard and no new arrivals: one board, one management, one institution, one mandate."
The minister noted that despite structural changes over the decades, the bank's core mission—financing Nigerian farmers—had remained constant. He revealed that President Tinubu had approved a major recapitalisation of the institution, calling it the boldest agricultural finance commitment in Nigeria's history.
Kyari said the Bureau of Public Enterprises is supervising the restructuring process, with the Ministry of Finance Incorporated and the Central Bank of Nigeria acting as shareholders. He urged the board to build on reforms already launched by managing director Ayodeji Oludare Sotinrin.
According to the minister, the bank has started a comprehensive digital overhaul covering loan appraisal, disbursement and recovery processes. The changes aim to deliver faster, more transparent and efficient credit access for farmers.
"The board's success would not be measured solely by financial performance but by its ability to empower farmers, support agribusinesses, create jobs and improve livelihoods across Nigeria," Kyari said. He noted that success would require sound strategic oversight anchored on integrity, transparency, accountability, professionalism and good governance.
The Bank of Agriculture is leading implementation of the Renewed Hope National Agricultural Mechanisation Programme, Africa's largest mechanisation initiative designed to serve over one million farmers annually. Kyari urged the board to integrate the bank's operations with key government programmes, including the Special Agro Industrial Processing Zones, the IFAD-supported Value Chain Development Programme and the World Bank-financed AGROW initiative.
Aliyu Sabi Abdullahi, minister of state for agriculture and food security, also spoke at the ceremony, emphasising the board's crucial role in advancing the sector.
