The National Council on Privatisation (NCP) has proposed a merger of the Bank of Agriculture (BOA) and the Central Bank of Nigeria (CBN)-owned NIRSAL Microfinance Ltd.
The council said as part of the proposal, it plans to inject new capital into the institutions to rejuvenate them following the merger.
The NCP’s Committee on BOA made the recommendations at a council meeting at the Presidential Villa in Abuja.
Vice President Kashim Shettima, who chaired the meeting, emphasized President Bola Tinubu’s dedication to restructuring and improving the Bank of Agriculture to advance the administration’s food security agenda.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who presented the committee’s report, said the council’s decision was based on the identified challenges and the urgent need to address the issues facing the bank.
