By Grace Onyechi Ejeh-Adoyikodu

Congratulations to Dr. Ayo Sotinrin on your appointment as the Managing Director of the Bank of Agriculture! This appointment marks a significant milestone in Nigeria’s agricultural journey, and with your leadership, the sector is poised for transformation.

That agriculture has been neglected in Nigeria is no longer news. This situation has worsened considerably over the years as a result of what many sector commentators describe as government’s insensitivity.

Despite the obvious fact that agriculture plays a vital role in ensuring food security, driving economic growth, contributing significantly to GDP thereby making agriculture a corner stone of any economy, it’s importance cannot be overstated.

However, Nigeria’s agricultural sector faces numerous challenges such as inadequate infrastructure, limited access to finance and inputs, poor storage and processing facilities, impact of climate change and insecurity, that require proactive measures, though the Nigerian government has over the years launched several initiatives to support agriculture, including: Agricultural Transformation Agenda (ATA) – focuses on achieving food security, job creation, and economic diversification. Growth Enhancement Support Scheme (GESS) – provides subsidized inputs like fertilizers and seeds to farmers. Anchor Borrowers’ Programme (ABP) – offers financial support to smallholder farmers.

However, there are additional supports that the Bank of Agriculture can provide to further strengthen the existing efforts of the federal government, and alleviate ongoing issues such as: Agribusiness – supporting entrepreneurship and investment in agricultural value chains, from processing to marketing.

Rural Infrastructure – developing roads to improve market access, storage facilities to address produce waste, and irrigation systems. Agricultural Credit Guarantee Scheme – providing credit guarantees to farmers and agribusiness to access affordable loans. Youth Empowerment in Agriculture Programme – encouraging young entrepreneurs to engage in agriculture through training, fund and mentorship.

That BOA has been written off by so many is not in doubt, what matters now are new initiatives BOA will be implementing especially to address the above measures.

Needful to address among others by BOA will be:

How would the bank assess the creditworthiness of agricultural borrowers? What role will the bank play in promoting agricultural development in Nigeria? How will the bank support the growth of small-scale farmers and agricultural entrepreneurs? How will the bank leverage technology to improve access to financial services for farmers and agricultural businesses? How does the bank collaborate with government agencies, international organizations, and private sector entities to promote agriculture?

What digital payment solutions or platforms has the bank developed to support agricultural transactions? Who are some of the key partners and stakeholders that the bank works with to support agricultural development in Nigeria?

These questions can help, guide and provide understanding of the bank’s strategies, initiatives and impact on agricultural development in Nigeria.

While congratulating Sotinrin on his new challenge, this is also time to bring those bold revolutionary ideas that will move the sector forward and transform the sector once seen by many as the albatross of Nigeria’s economic challenge – the weak link, to the desired role in the country’s socio-economic climate.

• Ejeh-Adoyikodu, a graduate of Business Administration from the University of Lagos and holder of a master’s degree in business administration from the University of Roehampton, London, is passionate about the economic situation of the country, with a focus on food insecurity.