By Mohammed Bello Doka
In a concerted effort to catalyze Nigeria's agricultural sector and fortify its energy infrastructure, the Federal Government unveiled a series of strategic initiatives during the inaugural meeting of the National Council on Privatisation (NCP) for 2024.
Vice President Kashim Shettima outlined comprehensive plans to rejuvenate the Bank of Agriculture (BOA) through a multifaceted approach encompassing recapitalization and restructuring. Recognizing the pivotal role of BOA in fostering national food security, Shettima underscored the imperative of modernization to optimize its operational efficiency. He emphasized the incorporation of cutting-edge technology and the upgrading of branch facilities to streamline processes and enhance accessibility for farmers across all senatorial districts.
In his address, Shettima expressed reservations regarding the bank's current lending practices, highlighting the need for sustainable loan disbursement strategies. Proposing the integration of the Green Imperative Project into BOA's restructuring framework, he envisioned a synergistic approach that would equip farmers with essential machinery while leveraging advancements in science and technology to track and monitor agricultural assets.
"The potential of Nigeria's agricultural sector is immense, and we must harness it to achieve national food security," remarked Vice President Shettima. "Through strategic modernization and technological integration, we can unlock the sector's full potential and empower farmers to thrive in today's dynamic agricultural landscape."
In tandem with efforts to revitalize the agricultural sector, the Federal Government marked a significant milestone in energy infrastructure development with the official transfer of operations of the Zungeru Hydroelectric Power Plant to Penstock Limited. This pivotal move is poised to bolster Nigeria's power generation capacity, addressing the burgeoning energy demands of the nation and catalyzing socio-economic growth.
The Concession Agreement, inked on December 13, 2023, between the Bureau of Public Enterprises (BPE) and Penstock Limited, heralded a new era of collaboration aimed at maximizing the potential of the Zungeru Hydroelectric Power Plant. Following Council approval, the Concessionaire fulfilled its financial obligations, culminating in the official handover ceremony on January 23, 2024.
In addition to these landmark developments, the meeting convened to deliberate on various other fronts, including the ongoing audit of NIPOST properties nationwide and efforts to resolve legal disputes surrounding the sale of NITEL/MTEL property in Lagos. Furthermore, advancements in the restructuring of the Federal Mortgage Bank were noted, signaling progress in the broader economic revitalization agenda of the Federal Government.
With these bold initiatives, the Federal Government reaffirms its unwavering commitment to fostering sustainable development, driving economic prosperity, and improving the livelihoods of all Nigerians.
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