By Tony Obiechina, Abuja
The National Council on Privatisation (NCP) has given its nod to the recommendations aimed at repositioning the Bank of Industry (BOA) to ensure food security for Nigerians.
Chaired by the Vice President, Sen. Kashim Shettima, the NCP approved the recommendations from the committee on BOA during its second meeting of 2024 held on Wednesday, April 24, 2024, at the Presidential Villa Abuja.
In his address at the meeting, the Vice President emphasized the importance of optimizing BOA as part of the administration’s agenda to provide food security for the nation. He urged the committee to engage professionals with integrity to manage the process effectively.
Presenting the committee’s report, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who is also the Vice-chairman of the NCP, highlighted the decision to reposition BOA for efficiency and effectiveness. He expressed confidence that the recommendations would guide the Council in revitalizing the Bank of Agriculture and positioning it globally.
One of the Key recommendations includes upgrading the Bank’s ICT infrastructure to automate processes and ensure accountability.
Recall that in 2023, an 8-member inter-ministerial team was set up by the NCP to review the state of affairs at BOA, given its critical role in agriculture and the administration’s commitment to food security.
Additionally, in 2016, the NCP approved collaboration between the Bureau of Public Enterprises and the Federal Ministry of Agriculture and Rural Development, along with the Federal Ministry of Finance, to restructure and recapitalize BOA. READ ALSO:
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According to a statement by BPE Head of Public Communications, Amina Tukur Othman on Friday, the BOA, formerly known as Nigeria Agricultural Cooperative and Rural Development Bank, waa established in 1992.
It is owned by the Federal Government of Nigeria (FGN), with the Ministry of Finance Incorporated (MOFI) holding 60% and the Central Bank
of Nigeria (CBN) holding 40%. The Bank is supervised by the Federal Ministry of Agriculture and Food Security (FMAFS).
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