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Nigeria Update: Bank of Agriculture to get N250 billion lifeline

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Nigeria Update: Bank of Agriculture to get N250 billion lifeline

The Federal Government yesterday said that it would boost the operations of the Bank of Agriculture (BOA), with N250 billion to enable it to grant credit access to farmers.

Disclosing this in Lagos, yesterday, at a Stakeholders Media Interactive Forum, organised by the Bureau of Public Enterprises (BPE), its Director-General, Dr. Alex Okoh, said the recapitalisation of BOA became imperative, as current capitalisation is negative.

Okoh explained that equity holding in the recapitalised bank will be in the ratio of 40 per cent to the Central Bank of Nigeria (CBN), and Ministry of Finance Incorporated (MOFI); 20 per cent to the private sector, and the remaining 40 per cent to active farmers.

He added that the recapitalisation, which is in line with current restructuring/commercialisation efforts, will also “lead to the emergence of an Agriculture Micro Finance Bank that will provide capital for small scale farmers thereby boosting productivity in the sector,” just as “the process of appointing a Transaction Adviser to superintend the process is nearing completion.”
This comes as the Bureau admitted that it would not be able to meet its share of about N300billion contribution to the N8.612 trillion 2018 National Budget before year end as expected.

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