Nigeria’s President Bola Tinubu has directed the Bank of Agriculture (BoA) to settle outstanding arrears owed agro-dealers and input suppliers under the auspices of the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP).
The directive followed release of ₦30 billion by the African Development Bank (AfDB), a statement by external Media Relations Lead for BoA, Judith Ekwebelem, explained.
The statement confirmed that the ₦30 billion represented the second tranche released by AfDB for the implementation of NAGS-AP.
It said the presidential directive was aimed at fast-tracking support for farmers and stabilising Nigeria’s food supply chain.
The statement also said the BoA was appointed as custodian of all agricultural financing programme funds and tasked to ensure timely disbursement of funds to critical stakeholders in food production.
It said the bank pledged to execute the approved payment schedule with urgency, adding that it would use its robust electronic wallet system to achieve payment to all complying agro-dealers within 24 hours, as well as provide weekly progress updates until completion.
The statement quoted Managing Director/Chief Executive of BoA, Ayo Sotinrin, as saying, “This is a truly defining moment for our agricultural sector. This is more than just a fund; it is a bold commitment to ensuring our nation’s food security.
“By working hand-in-hand with the NAGS-AP team, we are cutting through bureaucratic delays to get payments directly to agro-dealers and suppliers.
“We are unlocking opportunities for farmers to move beyond subsistence farming into sustainable and profitable agribusiness.”
Sotinrin urged all beneficiaries to comply without delay, warning that failure to do so could result in processing setbacks.
He pledged to deliver on its mandate of driving Nigeria’s agricultural transformation.
