Deputy President of the Senate, Senator Barau Jibrin, has commended President Bola Tinubu for the N1.5 trillion recapitalization of the Bank of Agriculture (BOA), a move aimed at boosting Nigeria’s agricultural sector.
Senator Barau made this statement on Thursday after signing a Memorandum of Understanding (MoU) with BOA for a N2.79 billion loan scheme designed to empower 558 young farmers across the North West geopolitical zone.
“The recapitalization of the Bank of Agriculture with N1.5 trillion in the N54.9 trillion 2025 budget is a commendable step by President Bola Tinubu to strengthen the agricultural sector,” Senator Barau stated.
He explained that the newly signed MoU under the Barau I Jibrin Foundation (BIJF) aligns with the Barau Initiative for Agricultural Revolution in Nigeria (BIARN), which seeks to support the Federal Government’s policies on food security and sufficiency.
“The goal is to revolutionize agriculture in Nigeria, starting with the North West region. This scheme will create 558 young millionaire farmers, with three beneficiaries selected from each of the 186 local government councils in the zone,” he added.
According to him, the N2.79 billion loan initiative will not only enhance agricultural productivity but also generate employment by supporting educated individuals—HND, Bachelor’s, Master’s, and Ph.D. holders—who will transition into agripreneurs and job creators.
In his remarks, BOA Managing Director Alwan Ali Hassan assured that the initiative would be effectively implemented.
“BOA fully supports this vision to transform agriculture in the North West by empowering young farmers in maize and rice cultivation,” Hassan said.
This initiative is expected to drive economic growth and bolster Nigeria’s quest for food security through strategic investments in the agricultural sector.
