THE interim Managing Director of Bank of Agriculture, (BoA), Dr. Kabiru Adamu, has said that his management will reposition the bank to stimulate Federal Government’s policy on economic diversification.
Adamu, who made the promise when he took over leadership of the BoA’s management in Kaduna, said the new management will evolve new skills and strategies aimed at optimal service delivery of credit facilities to farmers’ groups in the country.
He said, “The government of President Muhammadu Buhari, as you are aware, is focusing on agriculture and the simple reason is to diversify the economy. Therefore, our team is coming in to continue with the good work the outgoing management has put in place. I assure you that my team and I are eager, ready and committed to reposition the bank.”
Adamu, who expressed the readiness to operate an open door policy, solicited the support of the bank’s union leaders and members of staff to enable the new management deliver on its mandate.
Earlier, BoA’s outgoing Managing Director, Prof. Danbala Danju, said that repositioning the bank was to stimulate the Federal Government’s aim to diversify the nation’s economy.
Danju expressed optimism that the bank would continue to play vital role in ensuring that the agriculture sector contributes to the effort to shift from the nation’s current mono economy.
Decline in oil revenue
“As far as the role we are playing here is concerned, we all know the challenges facing our economy following the decline in oil revenue. The need for economic diversification, particularly the focus on agriculture, is evident on the President, the entire cabinet, and especially our able Minister, Chief Audu Ogbe,” he said.
He said deliberate strategy of the bank, including the Anchor Borrower’s programme, would address the gap in food shortage and importation.
According to him, the programme has been put in better shape to stimulate production with the support of credit facilities from the bank and as far as loan repayment was concerned.
“The Anchor-Borrower Programme was arguably the only game in town which our staff took enthusiastically to address the yearning gap occasioned by high importation of basic food stuff. They have done an excellent job. It must be recognised that we were called into it; we were not given room to articulate professional point of view on what a proper Anchor-Borrower Programme should be. Notwithstanding that, the impact of the pilot programme in Kebbi in terms of output per hectare productivity is undeniable,” he said.
He noted that the programme also made meaningful contribution in terms of employment, supplies of quality inputs and improvement among others, adding, “I want to congratulate the management, our partners in CBN and in the ministry, but more especially in Kebbi where people worked extremely hard under difficult circumstances to deliver a national assignment.”
He urged the new management to pursue the restructuring effort of the bank to attract funding from within the country and the World Bank, African Development Bank and Islamic Development Bank.
He stressed the need for the Federal Government to increase effort in funding the bank to enable the it deliver on its mandate. Danju urged the staff to extend their support to the new management to consolidate on the gains of his administration.