ABUJA, OCTOBER 26, 2016 – The Bank of Agriculture (BoA) said on Tuesday that it was determined to recover N12 billion debt owed the bank by its customers.
The Managing Director of the bank, Prof. Danbala Danju, made the pledge in an interview with newsmen in Abuja.
He said the amount had been accumulated over the past 30 years, adding that the bank would go after the borrowers to recover the debt.
“We are determined to pursue them, roughly about N12 billion has been accumulated over the last 30 years and we shall recover it,’’ he said.
Danju said that there was a huge gap between the demand and supply of funds, noting that the bank was doing everything within its power to make funds more available, especially to farmers.
He said there is huge demand for investment in agriculture but the resources are limited.
According to him, the President Muhammadu Buhari led administration is increasing investment in agriculture but there is still need to do more.
“We do not just want local investments but we also want foreign and public private partnership to increase the level of investment in the sector.
He said that the bank was also determined to lend to farmers at a single digit interest rate in line with the expectations of the Federal Ministry of Agriculture and Rural Development.