The Bank of Agriculture (BOA) plans to revamp its lending practices by implementing rigorous monitoring and evaluation systems, backed by on-site 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 on Wednesday.
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 key both 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 the expansion of arable land.
Read also: Tinubu appoints Sotinrin as BOA MD
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.
(NAN)
