The Federal Government has tasked the newly inaugurated Governing Board of the Bank of Agriculture (BOA) to explore innovative financial instruments, including blended finance, credit guarantees, and risk-sharing facilities, to de-risk agricultural lending and expand capital access for underserved agribusinesses.
Abubakar Kyari, Minister of Agriculture and Food Security, gave the charge on Tuesday in Abuja during a one-day strategic retreat for the board which was inaugurated on 3rd July, 2026.
Kyari emphasised that conventional commercial banks continue to underserve smallholder farmers, youth-led agribusinesses, and rural processors due to high perceived risk. Repositioning the state-owned development finance institution (DFI) is crucial to unlocking agricultural potential at scale under President Bola Tinubu’s Renewed Hope Agenda.
“The Bank has a critical responsibility to provide appropriate, affordable, and accessible financial services. Nigeria has enormous agricultural potential; what is required is a financial institution that is sufficiently strong, innovative, accountable, and responsive to unlock that potential,” Kyari stated.
The Minister noted that the success of the Bank will contribute significantly to the Federal Government’s efforts to achieve food security, reduce poverty, promote agro-industrial development and strengthen the resilience of agricultural value chains under the Renewed Hope Agenda.
