(Ecofin Agency) - The Federal Government announced that it will inject N3 trillion into the Bank of Agriculture (BoA) in a bid to diversify the economy. The funds will be put at the disposal of farmers at affordable rates.

The information was disclosed by the Minister of State for Agriculture, Heineken Lokpobiri, in Ogun State.

According to the official, the government’s decision comes as commercial banks in the country say they are not ready to finance agriculture.

The development aligns with President Buhari’s goal to reduce imports and make Nigeria a net exporter. A goal which emerged amid economic struggles mainly driven by a slump in the prices of oil from which the nation derives two-third of its revenues. As a result the economy plunged into recession last year.