The Deputy President of the Senate, Senator Barau I Jibrin (R), presents a souvenir to the Managing Director of the Bank of Agriculture, Alhaji Alwan Ali Hassan, after the signing of an MOU between Senator Barau’s foundation and the bank on a loan scheme for 558 young farmers in the North West geopolitical zone at the National Assembly, Abuja, on Thursday.
By Abbanobi -Eku Onyekachi, Abuja
Deputy Senate President (DSP) Barau Jibrin has praised President Bola Tinubu for re-capitalizing the Bank of Agriculture (BOA) with N1.5 trillion. Jibrin expressed his appreciation in his office on Thursday, following the signing of a Memorandum of Understanding (MoU) with BOA. The MoU outlines a N2.79 billion loan scheme aimed at empowering 558 young farmers across the North West Geo-Political Zone, covering 186 local government councils.
The re-capitalization of the Bank of Industry with N1.5 trillion, as outlined in President Bola Tinubu’s N54.9 trillion 2025 budget, according to him is a commendable move to boost the capital base of agriculture.
He stated that the recently signed Memorandum of Understanding (MoU) for the N2.79 billion loan scheme, facilitated by the Barau I Jibrin Foundation (BIJF) in partnership with the Bank of Industry, aims to revolutionize agriculture in Nigeria, particularly in the North West Geo-Political Zone. He therefore added that the initiative aligns with Barau’s Initiative for Agricultural Revolution in Nigeria (BIARN) and seeks to leverage the boosted capital base of the Bank of Agriculture (BOA).
The initiative, he went on complements the Federal Government’s policies on food security and sufficiency, focusing on raising 558 young millionaire farmers in the North West Zone, with three beneficiaries per each of the 186 local government councils.
The DSP however informed that the N2.79 billion loan scheme is expected to drive productivity in the agricultural sector, facilitate prosperity, and empower targeted beneficiaries, including HND, Bachelor’s Degree, Master’s Degree, and Ph.D. holders, to become employers of labor and millionaire farmers.
Earlier, the Managing Director of BOA, Alwan Ali Hassan, assured Senator Barau that his initiative on the loan scheme would be implemented and coordinated successfully, even as he expressed the bank’s enthusiasm for the initiative, which aims to revolutionize agriculture in the North West Geo-Political Zone by empowering 558 young farmers to become millionaires through maize and rice cultivation.
