N1.5trn bank of agric recapitalisation to boost food security financing – FG

The federal government has revealed that the recent recapitalisation of the Bank of Agriculture is targeted at improving access to finance to boost food security in Nigeria. The Permanent Secretary of the Ministry of Agriculture and Food Security, Dr. Marcus Ogunbiyi, stated this on Monday in Abuja at the opening of the 2nd Farm, Food […]

The federal government has revealed that the recent recapitalisation of the Bank of Agriculture is targeted at improving access to finance to boost food security in Nigeria.

The Permanent Secretary of the Ministry of Agriculture and Food Security, Dr. Marcus Ogunbiyi, stated this on Monday in Abuja at the opening of the 2nd Farm, Food and Allied Technologies Expo (FARMFATECH) Organized the Abuja Chamber of Commerce and Industry in collaboration with Autodex Nigeria Limited with the theme; Agricultural Transformation: Achieving Food Security through Innovative Technologies.

He noted that the theme aligns directly with Nigeria’s strategic push to scale non-oil export capacity and modernise agriculture using digital systems.

“Unprecedented and unwavering commitment on the part of the federal government in Agricultural Finance has seen to the capitalization of the Bank of Agriculture to the tune of N1.5 trillion to ensure that agriculture is adequately financed and food securuty is guranteed as we want to continue disbursing credit to businesses and farmers,” he said

In his remarks the President of the Abuja Chamber of Commerce and Industry (ACCI), Dr Emeka Obegolu, stated that Nigeria must treat technology as the new driver of agricultural transformation — warning that the country cannot solve its food crisis without mechanisation, digitalisation and private sector-led innovation.

Dr Obegolu who was represented by President of Agriculture, Mr Olasetemi Bode Thompson declared that the event was not just an exhibition, but movement toward achieving food sufficiency and food sovereignty.

Declaring the Expo open, Obegolu urged governments, investors, researchers and innovators across Africa and globally to seize opportunities emerging inside Nigeria’s agricultural value chains, saying FARMFATECH will define the region’s next phase of food system transformation.

Also the Chairman, Autodex Nigeria, Dr. Nnamdi Ezeani, co organisers of the event noted that the company’s rapid transition from combustion engines to full electric and locally fabricated agricultural machinery proves that African industrial transformation is no longer theory but an unfolding reality.