…signs MoU with BOA on N2.79 billion loan scheme for 558 millionaire farmers
By Citizenship Daily
The Deputy President of the Senate, Senator Barau Jibrin has commended President Bola Tinubu for the re-capitalization of Bank of Agriculture (BOA) with N1.5 trillion.
Senator Barau made the commendation in his office on Thursday, after signing the Memorandum of Understanding (MoU) with BOA on N2.79 billion loan scheme for raising 558 young millionaire farmers across the seven and 186 local government councils in North West geo-political zone.
“The boosting of the capital base of Agriculture with re-capitalization of the Bank of Industry with N1.5 trillion as contained in the N54.9trillion 2025 budget by President Bola Tinubu is highly commendable.
“The Memorandum of understanding on N2.79 billion loan scheme to raise 558 young millionaire farmers in North West just signed by me with the Bank of Industry under the Barau I Jibrin Foundation (BIJF) is meant to leverage on the boosting of capital base of BOA for revolutionizing agriculture in the country in tandem with Barau’s Initiative for Agricultural Revolution in Nigeria (BIARN).
“This initiative is envisioned to complement the Federal Government’s policies on food security and food sufficiency in the country.
“It is geared towards revolutionising agriculture in Nigeria, particularly in the North West geo-political zone which at the first stage, aims at raising 558 young farmers millionaires in the zone on the basis of three per each of the 186 local government councils.
“The N2.79 billion loan scheme will not only drive productivity in the agricultural sector in the North West, but facilitates prosperity through gainful engagement of the targeted beneficiaries who are to be in the categories of Higher National Diploma (HND), Bachelor’s Degree, Masters Degree and PhD holders and ultimately end up as employers of labour with capacity to raise millionaire farmers”, he said.
Earlier in his remarks, the Managing Director of Bank of Agriculture (BOA), Alwan Ali Hassan assured Senator Barau that his initiative on the loan scheme will be well implemented and coordinated very successfully.
“BOA is very happy with the initiative to revolutionize agriculture in Northwest geo-political zone towards raising 558 young farmers millionaires in the area of Maize and Rice cultivation as starting point”, he said.
