FG offers loan to farmers at 7% interest rate

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said that plans are ongoing to restructure the Bank of Agriculture for greater efficiency to also allow farmers have access to loan at seven per cent interest rate.

Ogbeh, who was represented by Dr Olukayode Oyeleye, Special Adviser on Media and Communications in the ministry, gave the assurance at a conference organised by the Nigerian Association of Agricultural Journalists (NAAJ) in Lagos.

The conference was themed: “Showcasing Nigeria’s Agricultural Potential to the World.”

According to the minister, the restructuring of Bank of Agriculture will involve injecting cash into the bank so that farmers can borrow money at seven per cent interest rate.

“Since commercial banks’ interest rate is not favourable to farmers, the government has decided to reform the Bank of Agriculture to make it more useful to farmers.

“It is also important for farmers to leverage on cooperative societies as they are vehicles through which extension services can be delivered to farmers,” he said.

Ogbeh, added that the Federal Government’s concern for food safety and quality control had engendered more awareness in the six geo-political zones.

According to him, the government is working with UNIDO to enable farmers to key into global best practices in export of agriculture products and value chain.

Mr Femi Oke, the Chairman of All Farmers Association of Nigeria (AFAN), said that farmers would do better if given a more favourable environment to operate.

Oke, held that federal and state governments should do more to encourage farming.

“The encouragement should be in the area of storage and preservation so that agricultural products can be exported in order to boost farmers’ income,’’ Oke said.