By Benson Daniel
Farmers across Nigeria have called for a comprehensive restructuring of the Bank of Agriculture (BOA), citing persistent challenges in accessing financial services and agricultural support that they say are limiting productivity and threatening food security.
The farmers expressed concern over what they described as slow loan disbursement, cumbersome application procedures and limited access to credit, particularly for smallholder farmers who depend on timely financing to sustain their farming activities.
According to stakeholders in the agricultural sector, the current operational structure of the Bank of Agriculture has not adequately met the financing needs of farmers despite its mandate to promote agricultural development and support rural livelihoods.
They argued that delays in processing loan applications often result in farmers missing critical planting seasons, reducing crop yields and affecting overall agricultural output. Many also complained that strict lending requirements have made it difficult for genuine farmers to access funds needed to purchase seeds, fertilisers, machinery and other essential inputs.
The farmers urged the Federal Government to implement far-reaching reforms that would strengthen the institution, improve governance and enhance its capacity to provide affordable and accessible financing to farmers across the country.
They also recommended increased capitalisation of the bank, expansion of its branch network and the adoption of digital banking solutions to simplify loan applications and improve service delivery, especially in rural communities.
Agricultural experts supported the call for reforms, noting that an efficient and well-funded agricultural bank is critical to boosting food production, encouraging investment in the sector and reducing Nigeria’s dependence on food imports.
They stressed that improving access to agricultural finance would not only increase productivity but also create jobs, enhance rural development and contribute to broader economic growth.
The renewed call for restructuring comes as the government continues efforts to strengthen the agricultural sector and achieve food security. Stakeholders believe that transforming the Bank of Agriculture into a more responsive and efficient financial institution will play a vital role in supporting farmers and driving sustainable agricultural development across the country.
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