FG to Revamp Bank of Agriculture and Transfer Zungeru Power Plant Operations in Drive for Sector Development

Vice President Kashim Shettima has unveiled the Nigerian government’s strategy to recapitalize and restructure the Bank of Agriculture (BOA) with the aim of strengthening the agricultural sector and achieving national food security. This announcement came during the inaugural meeting of the National Council on Privatization (NCP) for 2024 held at the Presidential Villa in Abuja.

Highlighting the significance of the BOA’s extensive branch network across all senatorial districts, Vice President Shettima emphasized the need for modernization to enhance efficiency and effectiveness in supporting agricultural development. He expressed concerns regarding the bank’s current practices, particularly unsustainable loan disbursements, and advocated for leveraging technology and upgrading facilities.

In a bid to align with modern financial systems, the Vice President proposed integrating the Green Imperative Project with the BOA’s restructuring plans to provide farmers with essential machinery and optimize agricultural productivity through science and technology.

Meanwhile, significant progress was also reported on the Zungeru Hydroelectric Power Plant (ZHPP) concession, with operations officially transferred to Penstock Limited. The Council received updates on various other privatization efforts, including the sale of NITEL/MTEL property and the audit of NIPOST properties nationwide.

As the government intensifies efforts to drive sector development and streamline operations, a committee led by the Minister of Finance is finalizing a report on the BOA’s recapitalization and restructuring, with further updates anticipated soon.

Quest: Cris-Edesiri Odjomah

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