Nigerians see Agricultural loans as their share of national cake – Audu Ogbe

Nigeria’s Minister of Agriculture and Rural Development, Chief Audu Ogbe, on Tuesday in Abuja said agricultural loans offered to Nigerians by the Bank of Agriculture (BOA) were never paid back. He made this disclosure at the 2019 budget defence, saying that: “Nigerians everywhere who got loans to embark on commercial agriculture see the opportunity
as part of their own national cake, hence, they wouldn’t pay back. Ogbe also told the panel that the Bank of Agriculture would be privatized, saying that was the situation world over. He stressed that the Bureau of Public Enterprises was already perfecting plans to privatize BOA, adding that the Senate would be informed in order to provide the legislative frameworks. Nigerians approach the Bank of Agriculture for loans and after getting the loan for commercial Agriculture, they wouldn’t pay back because they see it as part of their own national cake. The Bank of Agriculture like other countries of the world will be privatized for effective operations,” he said. According to the minister, China has one of the biggest Banks of Agriculture with over 800 million subscribers which are performing optimally. A member of the panel, Senator Sabi Abdullahi cautioned that the bank should not be privatized without reverting to the legislature. He explained that the legislative chambers was the right arm to provide the framework for effective operations of the bank.

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