FG Targets Five Percent Interest Rate Loans for Farmers

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From: AgroNature Admin

The Federal Government is targeting five percent interest rate loans for farmers through the reformed Bank of Agriculture (BOA) in order to achieve food sufficiency in the country.

The minister of Agriculture and Rural Development, Audu Ogbeh said the reform which is expected to be concluded by December will have farmers as shareholders of the bank and will give out loan with interest rate of 5% for their farming.

Ogbeh stated this on Monday in Dutse, Jigawa State at the special Town Hall meeting on Agriculture organised by the ministry of Information and Culture.

He said the low interest rates would be achievable with the restructuring of the Bank of Agriculture.

The minister noted that some of the problem facing the country was as a result of abandonment of rural dwellers who account for the highest population farmers in the country.

He however said the current administration is out to correct it by investing in agriculture; adding that ten governors have shown interest to ensure agriculture revolution in the country.

While commenting, the Emir of Dutse, Dr Nuhu Mohammed Sanusi decried that his emirate has been collecting loans with interest rates as high as 19% as opposed to the apex bank’s claim of single digit interest rate, adding that his emirate has approached the CBN on the issue but to no avail.

He also encouraged the FG to look into the real problems of Agriculture as the sector goes hand in hand with infrastructural development.

He noted that Agricultural sector will improve significantly with efficient transportation system especially the rail services.

The emir, who stressed the need for more research education for farmers especially women who make up 50% in the rural areas, said with their low level of education, they cannot benefit from the new technology to improve their farming.

Source: Daily Trust

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