The Bank of Agriculture (BOA) is to overhaul its lending practices by instituting strict monitoring and evaluation systems, supported by on-ground collateral managers and extension service agents.
The newly appointed Managing Director of the BOA, Mr Ayo Sotinrin made this known when he assumed duties in Kaduna.
Sotinrin, expressed gratitude to President Bola Tinubu for the opportunity to serve.
”The bank will move away from the era of non-performing loans by adopting smart and technology-driven approaches to lending,” he said.
He described his new role as a “daunting but critical” responsibility, given the urgent need for reform across the country’s food systems and agricultural financing architecture.
“We need to create new food systems, beginning with the development of seed systems. Mechanisation is keyboth for smallholder and large-scale farmers,” he said.
Sotinrin said that the bank would focus on supporting the entire input value chain, including the production of homegrown fertilisers and expansion of arable land.
He stressed the importance of data and technology in driving sustainable agricultural financing, noting that baseline data on farm locations, farmer identities, and land use is essential for deploying capital effectively.
“Big data is going to be our friend. Without technology, we won’t be able to track where funds are going or measure growth,” Sotinrin said.
According to him, key agricultural value chains such as ginger, sesame, cocoa, and oil palm will receive priority financing to support export expansion and foreign exchange earnings.
“We must think of agriculture as a source of foreign exchange. We will finance value chains that have the potential to position Nigeria as a global agricultural player,” he said.
”The bank is undergoing recapitalisation,” he said, adding that he believes that the bank can attract two to three times more funding from investors and partners.
He also announced plans to extend banking services to rural and underserved areas, especially targeting the youth population involved in agriculture.
“Our goal is to become not just the biggest agricultural bank in Nigeria, but one of the biggest in Africa,” he said.
On digital transformation, the managing director pledged to digitise the bank’s 110 to 120 branches nationwide to ensure smarter and more efficient banking operations.
He described the move as a key step towards optimising the bank’s assets and improving service delivery.
Addressing the bank’s staff and management, Sotinrin acknowledged the achievements of his predecessor and promised to build on the existing foundation.
“It’s a new era. I believe in teamwork. I bring energy and innovation, and I expect everyone to align with this new vision.
We will work smart, embrace technology, and make the Bank of Agriculture a model institution,” he said.
Sotinrin stated that, with the support of President Tinubu, the bank would play a central role in securing Nigeria’s place as the food basket of Africa.
NAN
