Six Months In: Mohammed Babangida and the Bank That Quietly Moved

When Mohammed Babangida was named Chairman of the Bank of Agriculture (BOA) last July, expectations split quickly: some people predicted symbolism, while others anticipated slow motion. Six months later, the result is measurable.

Babangida assumed leadership as the federal government relaunched BOA as a core tool for food security. The institution, founded in 1972, had long struggled with scale, weak systems, and limited farmer reach. His task was structural, not ceremonial.

The first visible shift came through governance. A full board and executive leadership were confirmed across Nigeria’s six geopolitical zones. For an institution shaped by delays, that mattered. Decisions began to move faster, with clearer lines of responsibility.

Then came programmes. Under his watch, the Renewed Hope National Agricultural Mechanisation Programme moved from concept to rollout. The scheme targeted 2,000 tractors and 9,000 implements for youth and women agripreneurs, offered through lease-to-own financing. Applications extended nationwide by November.

This was not a superficial reform. Mechanisation sits at the centre of yield, labour efficiency, and post-harvest outcomes. For farmers priced out of equipment ownership, access mattered more than ownership.

Behind the scenes, the bank pushed its digital reset. Lending systems shifted toward data tracking, risk assessment, and accountability. For smallholder finance, this reduced guesswork and improved monitoring. It also addressed a long-standing trust gap between farmers and formal lenders.

The biggest test remained capital. The federal government reaffirmed plans to complete a N1.5 trillion recapitalisation by the first quarter of 2025. Progress here shaped credibility to the point that markets are still watching closely and farmers are still waiting quietly.

Meanwhile, this is almost all Babangida, and thanks to his background, this approach is shaping things positively.

The man arrived, not from farms, but from boardrooms, credit committees, and governance training. Critics flagged that distance early. Six months in, the strategy leaned into financial discipline rather than agrarian symbolism. Results, though still modest, are very directional. After all, credit pipelines have widened, partnerships expanded, systems tightened, and expectations recalibrated.