BY MICHAEL EBOH
Eleven banks have finalised their participation in the N30 billion Agricultural inputs fund for the 2012 farming season, with the commencement of disbursement of the fund to Agro-Dealers across the country.

This is further to the execution of a tripartite Memorandum of Understanding, MoU, last November, by the Federal Ministry of Agriculture and Rural Development in partnership with the Federal Ministry of Finance and Deposit Money Banks to provide N30 billion funding for agricultural inputs – fertilizers and seeds for the 2012 farming season.

According to a statement made available to Vanguard, the banks that have completed their participation in the scheme are: Access Bank Plc, Diamond Bank Plc, First Bank Nigeria Plc, GT Bank Plc, Oceanic Bank International Plc, Ecobank Nigeria Plc, Stanbic IBTC, Sterling Bank Plc, United Bank for Africa Plc, Union Bank Plc and Zenith Bank Plc.

Some of the seed companies already benefiting from the scheme via single digit loans from banks include: Savannah Seed & Livestock Limited, Seed Project Company Limited, Manoma Seeds Nigeria Limited, Nagari Seeds Nigeria Limited and Da-All Green Seeds Limited.

Commenting on the development, one of the promoters of the scheme, Mr. Aigboje Aig-Imoukhuede, Group Managing Director, Access Bank Plc, who is also the Chairman, Bankers Committee Sub-Committee on Economic Development, said the agricultural input financing deal shows the Banking sectors commitment to act as a patch to the Federal Government of Nigeria in the transformation of the Nigerian economy.

He said the benefiting firms would in turn purchase the seeds from out-growers across the country. “It is noteworthy that if not purchased from the out-growers for distribution to farmers, the seeds would have been said to waste or sold for paltry sums thereby resulting in economic losses,” he noted.

Also speaking, Coordinating Minister for the Economy and Minster of Finance, Dr (Mrs) Ngozi Okonjo-Iweala, said, “This shows that when we say we will deliver, we are serious. This innovative plan will get seeds and fertilizer into the hands of farmers directly and help boost food production. Nigerians will see the results where it matters – in their pockets and on their dining tables.”

In his remarks, Minister for Agriculture and Rural Development, Mr. Akinwumi Adesina, said, “The Federal Government’s Agricultural Transformation Initiative would empower Nigerian farmers, create millions of jobs as well as result to huge savings in foreign exchange.”

Commenting on behalf of agro-dealers, Mr. Ola Richards, Vice President, Seed Dealers Association of Nigeria said that the association is extremely grateful to the Federal Government for fulfilling its promise by solving the perennial problems faced by Seed Dealers and Farmers.

http://www.vanguardngr.com/2012/01/n30bn-agric-fund-11-banks-begin-disbursement-to-agro-dealers/