Federal Government To Pump N3million In BOA

N3trillion to be pumped into the Bank of Agriculture (BoA) to enable farmers have access to funds and affordable interest rate.

The Minister of State for Agriculture, Senator Heineken Lokpobiri‎ disclosed this in Abeokuta, Ogun State capital during the inaugural harvest of a Tillapia fish farm of Premium Aquaculture Limited, Oyan Dam. 

He said unwillingness of commercial banks to fund agriculturame prompt the federal government to recapitalize the Bank of Agriculture in other to promote the diversification of the economy.

He therefore, disclosed that the nation’s fish demand stood at 3.1 metric tonnes per annum but currently hovering around 1.1 metric tonnes per annum and that when the adminstration came on board supplr y was around 800,000 metric tonnes per annum. However, because of the policy put in place supply has risen to 1.1 metric tonnes let annum.

Former president Olusegun Obasanjo, who was a guest at the event, appealed to the federal government to establish an agricultural investment friendly environment.

The company’s Farm Manager, Mr. Govin Daraju  said the company intended to produce more than 20,000 metric tonnes of fish locally in the next five years.He added that the project site at Oyam dam has 100 cages under operation and 100 more will be completed this year and the Hatery facility can produce 12 million fingerlings per annum and the company trains fresh fishery graduates and small scale fishery farmers.