Bank unveils operational upgrades and partnerships to deliver single-digit loans, shield smallholder farmers from high interest rates

The Bank of Agriculture (BOA) has unveiled a strategic roadmap to modernise agricultural finance and deepen financial inclusion for smallholder farmers across Nigeria. The announcement was made by Managing Director and Chief Executive Officer, Mr Ayodeji Oludare Sotinrin, on Wednesday in Abuja.

Sotinrin stated that the new roadmap includes major upgrades to BOA’s operations and fresh high-level partnerships aimed at optimising the delivery of government-backed agricultural intervention programmes. According to him, these steps will empower more rural farmers by expanding access to affordable finance at the grassroots level.

He explained that as Nigeria’s apex agricultural development finance institution, BOA is charged with safeguarding and deploying subsidised government funds. Through provision of single-digit interest loans, Sotinrin said, the bank is helping shield smallholder farmers from commercial lending rates that often drive up production costs. “We are committed to ensuring our intervention programmes reach every corner of the country and truly benefit those at the base of the pyramid,” he said.

To scale its impact further, Sotinrin revealed that BOA is actively building collaborations with state-level delivery platforms. He noted that these partnerships are designed to streamline loan disbursement and technical support, making it easier for smallholder farmers—who make up the bulk of Nigeria’s agriculture sector—to access much-needed capital.

Stakeholders in the agriculture sector have welcomed the BOA initiative, describing it as timely given rising food inflation and persistent challenges faced by rural producers. Many experts argue that lower interest rates for farmers could boost local production, reduce post-harvest losses, and improve food security nationwide.

The bank says it will continue to refine its strategy in line with government priorities on food security and rural development. Implementation of the new roadmap is expected to roll out in phases over coming months.

Source: https://guardian.ng/business-services/agro-care/boa-rolls-out-roadmap-to-modernize-agric-finance-deepen-grassroot-inclusion/

Federal government aims to boost internally generated revenue as Minister highlights new fiscal measures in Abuja

The federal government has announced new efforts to strengthen Nigeria’s domestic revenue framework, aiming to finance national development projects without relying heavily on external borrowing. This was disclosed by the Minister of Finance during a policy briefing in Abuja on Friday, 26 June.

According to the Minister, the government is taking concrete steps to improve revenue collection and management through reforms targeting tax administration and compliance. The move is expected to reduce Nigeria’s dependence on oil receipts and foreign loans for funding infrastructure and social programmes.

The push for a robust domestic revenue framework comes at a time when Nigerians are facing economic headwinds, including rising inflation and pressure on the naira. Economic analysts have consistently warned that over-reliance on oil earnings exposes the country to global price shocks and limits fiscal space for development spending.

The Minister emphasised that the new approach will focus on expanding the tax base, plugging leakages in government finances, and supporting sectors such as agriculture and manufacturing. “By strengthening our internal revenue system, we will be able to meet our development targets without accumulating unsustainable debt,” she said.

While stakeholders have welcomed the renewed focus on domestic resource mobilisation, some have called for transparency in how additional revenues will be utilised. The finance ministry is expected to release further details about the implementation of these reforms in the coming weeks.

Source: https://www.premiumtimesng.com/business/business-news/890934-fg-strengthens-domestic-revenue-framework-to-finance-development-minister.html

Health ministry projects major investment to improve access, as sector faces gaps in telemedicine and electronic records

The Federal Ministry of Health has disclosed that Nigeria will require about ₦500 billion over the next five years to scale up its digital health infrastructure nationwide. The announcement was made by a senior official on Friday, 26 June, highlighting the government’s plan to strengthen healthcare delivery through technology.

According to the ministry, the estimated funding will be channelled towards developing systems such as telemedicine platforms, electronic medical records, and data management tools across all states. The official explained that current digital health capacity remains limited, with most public hospitals still relying on manual record-keeping and face-to-face consultations, particularly in rural areas.

This proposed investment comes as Nigeria’s health sector grapples with challenges including underfunded facilities and low penetration of modern technology. Experts have long argued that stronger digital infrastructure could reduce inefficiencies, improve patient outcomes, and support national responses to disease outbreaks. However, budget constraints and inconsistent implementation have slowed progress in recent years.

A top official at the ministry emphasised that prioritising digital health is now seen as crucial for achieving Universal Health Coverage targets. “We need substantial resources to upgrade our systems and ensure every Nigerian can benefit from quality care regardless of location,” he said. He added that the ministry would seek partnerships with private sector players and international agencies to raise necessary funds.

The health ministry is expected to present a detailed roadmap outlining key projects and funding requirements before the end of the year. Stakeholders say successful rollout could help bridge inequality in healthcare access and bring Nigeria closer to global best practices.

Source: https://www.premiumtimesng.com/health/health-news/890930-nigeria-needs-%e2%82%a6500-billion-to-scale-digital-health-infrastructure-over-five-years-official.html