President Bola Tinubu has approved the recapitalisation of the Bank of Agriculture with N1.5tn, in what has been described as the most significant boost to agricultural financing in Nigeria’s history.
A statement issued by the agric ministry on Wednesday stated, “President Bola Tinubu has approved the recapitalisation of the Bank of Agriculture with N1.5tn, approximately $1bn, marking the most significant boost to agricultural finance in Nigeria’s history.
“The recapitalisation would reposition BOA as a dynamic development finance institution, with deliberate targeting of youth and women-led agribusinesses through accessible credit and capacity development support,” the statement added.
This came as the Minister of Agriculture and Food Security, Abubakar Kyari, disclosed in the statement that the implementation of the National Agricultural Technology and Innovation Policy will accelerate Nigeria’s agricultural ecosystem, improve access to modern inputs, and make farming more attractive, rewarding, and competitive, particularly for youth and women.
He said NATIP provides the strategic policy foundation for transforming agriculture into a modern, tech-enabled, and youth-driven sector.
According to him, “the NATIP provides the strategic policy backbone for transforming agriculture into a tech-enabled, youth-driven sector, promotes mechanisation, digital agriculture, research-commercialization linkages, among others.”
He added, “With NATIP, we are building that system, one that supports youth innovation, unlocks productivity, and rewards ambition. We must now ensure it delivers at scale.”
Kyari also highlighted the Federal Government’s National Agribusiness Policy Mechanism, which was launched in May 2025 and is being implemented under the coordination of the Presidential Food Systems Coordination Unit.
“To translate these bold institutional reforms into real impact, we must now set clear delivery expectations. That means establishing annual lending targets for youth and women-led agribusinesses.
“It means designing guarantees to expand access, not inflate fees. It means financing cash flows, not just collateral. And it means equipping entrepreneurs not only with credit, but with the capabilities to absorb and grow that capital,” he said.
He noted that the initiative is already gaining traction across several states, reaching about 250,000 farmers, which he described as early signs of the policy’s potential when matched with political will and effective coordination.
Kyari further emphasised that Tinubu’s Renewed Hope Agenda places food security and job creation as interdependent tools for national development.
“Mr President, in articulating the Renewed Hope Agenda, placed food security and job creation not as standalone ambitions but as interdependent levers for economic diversification, social stability, and national sovereignty,” he said.
“This agenda affirms the right to feed ourselves with what we grow, process, and add value to. Food sovereignty means reclaiming control over food systems, reducing reliance on imports, and investing in the strength of Nigerian farmers, processors, and agribusinesses as the foundation of national resilience.”
Kyari stated that Nigeria’s task is to “make that vision real by unlocking the full productive power of Nigeria’s youth and women in agriculture.”
He also mentioned that the National Agricultural Development Fund is actively forming partnerships to finance climate-smart agriculture, aggregation centers, storage hubs, and rural logistics systems aimed at enabling value addition and boosting competitiveness.
