The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, has urged the newly inaugurated Governing Board of the Bank of Agriculture (BOA) to expand access to affordable and timely financing for farmers and agribusinesses across the country.

Kyari made the call on Tuesday in Abuja while delivering his opening address at a one-day retreat for members of the Governing Board of the Bank of Agriculture.

He said the Bank must remain focused on its core developmental mandate by ensuring that affordable and accessible financial services reach smallholder farmers in rural communities, women engaged in agricultural production and processing, young Nigerians seeking opportunities in agribusiness, cooperatives and agricultural enterprises.

The minister stressed that agricultural financing must not only be available but also be appropriate, timely, affordable and responsive to the realities of agricultural production.

He urged the Board to explore innovative financial products that recognise the seasonal nature of agriculture and the specific financing needs of different agricultural value chains, urging  them to explore appropriate instruments capable of reducing the risks associated with agricultural lending while expanding access to finance.

Kyari also called for greater financial inclusion to ensure that no segment of Nigeria’s agricultural population was left behind.

In his remarks, the Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi, urged the Board to focus on repositioning agriculture from subsistence production to a commercially viable, technology-driven and investment-oriented sector.

He revealed that the success of the Bank will impact the ability of farmers to produce, businesses to invest, create jobs for youth, and improve the affordability and availability of food for Nigerians.

Sen Abdullahi charged the Board to be bold in thinking, disciplined in execution, and to serve with integrity and diligence, stressing that the central question before them is how the Bank of Agriculture can be repositioned to deliver greater and more sustainable impact to Nigerian farmers, agribusinesses and the Nigerian economy.

He further assured the Board of the Ministry’s continued guidance and stressed the need for leadership and professionalism to deliver measurable results in line with President Bola Ahmed Tinubu sustained commitment to the agricultural sector.

In his welcome address, the Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr. Marcus Olaniyi. Ogunbiyi stated that ” It is essential that the Bank continues to strengthen its corporate governance mechanisms and ensure strict compliance with all relevant laws, regulations, financial management requirements and established best practices”

Dr. Ogunbiyi added that ”Robust internal controls, prudent financial management, effective risk management, transparency in procurement and lending processes, and appropriate accountability mechanisms are indispensable to the credibility, sustainability and effectiveness of the Bank”.

He tasked the Board to ensure that the Bank’s resources are deployed efficiently and responsibly to achieve measurable development outcomes. Every intervention should be guided by clear objectives, proper due diligence, transparency and mechanisms for monitoring and evaluating impact.

During his remarks, the Chairman, BOA Board, Alhaji Mohammed Babangida said that the retreat comes at an important time as we prepare to assume the full responsibilities entrusted to us as members of the Board.

He revealed that their appointment provides an opportunity to deepen our understanding of the Bank, its mandate, operations, and strategic direction

Alhaji Babangida pledged that ”we must provide sound strategic oversight, ensure strong corporate governance, hold Management accountable for performance, and help position the Bank to deliver effectively on its mandate”.

In attendance were BOA’s Board Members, Development partners and Ministry’s officials among others.