The Federal government has restated it’s commitment to begin the process of restructuring the Bank of Agriculture.
The Minister of Agriculture, Mr Audu Ogbeh made the disclosure at the kick off meeting of Financial advisory for the Bank of Agriculture Restructure in Abuja.
According to the Minister, the Stakeholders in the Agriculture sector is seeking for ways by which the Bank of Agriculture can strengthen the sector.
He pointed out that the bank will create a structure where the farmers will have easy access to loan in the country.
Ogbeh bemoaned the fact that many high profile farmers took the loan in the past and refuse to pay back.
“We do not want a situation where most farmers will not know the essential rules of operation.”
Speaking further, he added that the government is urging youths to venture into the Agriculture sector.
“The youths have to explore different options. We need to decongest the cities, and reduce the rate of immigration to other countries.”
The Director General of Bureau of Public Enterprise (BPE), Alex Okoh, highlight the need to develop the Bank of Agriculture and give it a new Brand.
He explained that in times past, the bank is unable to attract investors, and fulfil it’s mandate to the people.
“The Bank of Agriculture performed poorly in the past due to inadequate funding, poor risk management strategy, and non-performance of credit facilities”.
He however hinted that the bank is better prepared to handle all forms of financial services this time around.
“The restructuring will take place over a period of 90 days beginning from Tuesday, April 16.” he added.