Tayo Busayo, Abuja
DAILY COURIER – The Federal Government (FG) is set to roll out two transformative initiatives aimed at improving governance, enhancing service delivery, and fostering economic growth. These include the nationwide implementation of the Proof of Address system and the privatization of the Bank of Agriculture (BOA).
The FG will soon launch a comprehensive Proof of Address system designed to provide every resident with a verifiable and secure address. This initiative, which will be implemented across all 774 Local Government Areas, is a collaborative effort involving the Local Government Authorities, the Nigerian Postal Service (NIPOST), and the National Identity Management Commission (NIMC).
The system aims to harmonize Nigeria’s address database and postcode system into a comprehensive national addressing framework. Leveraging cutting-edge geo-location technology, the project will identify and verify the physical addresses of residents. Upon completion, every individual captured in the exercise will receive a Proof of Address certificate.
The benefits of this initiative are far-reaching, with significant implications for national security, financial services, e-commerce, and logistics. The Proof of Address system is expected to simplify identity verification, improve access to financial products, and enhance the efficiency of service delivery across multiple sectors.
In a bold move to reposition the Bank of Agriculture (BOA) for better performance and broader impact, the FG has announced plans to privatize the institution. The current shareholding structure, with the Ministry of Finance Incorporated (MOFI) holding 60% and the Central Bank of Nigeria (CBN) holding 40%, will be revised to accommodate private investors and public participation.
Under the proposed arrangement, the shareholding will be restructured as follows: CBN: 20%; MOFI: 20%; Private Investors: 20%; Farmers, Farmer Cooperatives, and Nigerians via the Capital Market: 40% .
The privatization aims to strengthen the bank's capacity to provide credit and other financial services to farmers and agribusiness stakeholders. Farmers and cooperatives are encouraged to form or join cooperative groups to maximize the benefits of this policy, as a significant portion of credit facilities will be channeled through such groups.
The Proof of Address system and BOA privatization represent the FG's commitment to modernizing the nation’s infrastructure and boosting economic activity. These initiatives are expected to drive financial inclusion, improve governance, and create a more enabling environment for businesses and individuals.
As the projects unfold, Nigerians are encouraged to actively participate in the Proof of Address registration exercise and embrace the opportunities offered by the restructured Bank of Agriculture.
With these bold steps, the FG is poised to deliver enhanced public services and foster sustainable economic development.
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