Olushola Omogbehin
The Tinubu Stakeholders Forum, TSF, has praised President Bola Tinubu for approving the ₦1.5 trillion recapitalisation of the Bank of Agriculture (BoA).
This was disclosed in a statement signed by its Chairman, Ahmad Sajoh and the Secretary, Danjuma Sada where the organisation described the move as an unprecedented intervention.
According to the group, “This represents the largest single injection of capital into Nigeria’s agricultural financing and a bold step towards achieving the Renewed Hope Agenda’s vision of food security, inclusive prosperity and economic diversification.
”Agriculture remains Nigeria’s largest employer of labour, engaging over 36% of the workforce and contributing about 22% to the nation’s GDP, yet more than 80% of farmers are smallholders who face chronic challenges.
”These include outdated farming methods, low mechanisation (0.27 hp per hectare compared to the FAO’s recommended 1.5 hp), poor access to credit, and insufficient storage and processing facilities.
”So for us, the ₦1.5 trillion recapitalisation directly addresses these gaps by enabling BoA to extend affordable credit, finance mechanisation, and strengthen value chains.”
Providing an insight into what to expect from the recapitalisation:
”With this renewed funding, farmers will gain better access to improved seedlings, fertilisers, irrigation systems, and post-harvest storage infrastructure.
”It will also promote the adoption of modern farming technologies in line with the National Agricultural Technology and Innovation Policy (NATIP), enhance agro-processing through Special Agro-Industrial Processing Zones, and reduce Nigeria’s heavy reliance on food imports, which cost the country over N3.35 trillion between 2016 and 2019.
”In addition, the recapitalisation will help bridge Nigeria’s agricultural trad56e deficit, currently standing at over N689 billion, and position the country as a competitive player under the African Continental Free Trade Area (AfCFTA).”
TSF also admonished the implementation agencies to avoid the mistakes of past programmes, particularly the Anchor Borrowers’ Scheme.
“As a result, the programme achieved little and fund recovery became nearly impossible. This ₦1.5 trillion recapitalisation must instead serve as a catalyst for genuine progress rather than a political instrument.
”We further urge all implementing agencies to prioritise transparency, efficiency, and measurable impact in deploying the funds. Special targets should be set for women and youth beneficiaries, while financing terms should be designed to improve access rather than create barriers.
”We also call for the integration of climate-smart practices to build resilience against environmental shocks and ensure sustainable growth.
”We encourage state governments, the private sector, and development partners to align their programmes with this landmark initiative. Together, we can translate the ₦1.5 trillion BoA recapitalisation into real economic gains—transforming livelihoods, boosting national food security, and solidifying Nigeria’s place as Africa’s agricultural powerhouse.”
