We are not replacing Agric Bank says NADF boss

 

The Executive Secretary ( ES) of, National Agricultural Development Fund (NADF), Muhammad Abu Ibrahim has said the role of his organization was not to take over the Bank of Agriculture's ( BOA) responsibility, but rather to keep scouting for funds to give support to food development.

Ibrahim said that NADF was established to drive the development of the agricultural sector through targeted funding but with different distinct roles.

The NADF provides specialized funding for large-scale agricultural projects, research, and initiatives aligned with national development goals, while BOA is a financial institution primarily focused on offering loans and banking services to farmers and agribusinesses.

“ We are not in competition with the BOA or any other financial institution. We aim to support agricultural development by providing funds for targeted projects that drive long-term growth. We work alongside BOA and other institutions to help fund a thriving agricultural economy." 

While NADF plays a crucial role in funding major agricultural initiatives, BOA continues to provide day-to-day financial services such as agricultural loans, savings accounts, and support for smallholder farmers nationwide. 

“As the agricultural landscape evolves, both NADF and BOA remain essential partners in strengthening our agricultural economy.”