Lagos State Federated FADAMA Community Association president, Alhaji Abiodun Oyenekan, has urged the Federal Government to evolve a new credit policy that will contribute to agricultural restructuring and boost food production.

Oyenekan asked that farmers access to finance be improved to enable them buy agricultural machinery to increase their productivity and incomes.

According to him, many smallholder farmers do not have access to modern agricultural machinery that can help increase their productivity and improve both food security and incomes.

This is because they can’t afford new tractors. Without access to credit, he said they often have no choice but to continue farming without the benefit of modern equipment. He noted, however, that credit for agriculture is still facing difficulties, such as high interest rates and strict loan approaches.

Right now, he explained that loans given by banks are not single digits and tend to be too expensive for rural smallholders to take advantage of financing, and they can rarely meet the rigid collateral requirements or pay back the loan within the typical short-term lending periods.

Oyenekan said credit for agriculture still faces difficulties, such as high interest rates and strict loan approaches. According to him, restructuring the credit policy will lead to banks developing loans for agriculture, which include production and processing of agricultural products and processing and consumption, production of seeds in crop, livestock, fisheries, forests and supplying of products and services and lending for trade development in rural areas.

Besides, he said there should be support for partnership and application of high technology in agricultural production; increasing competitiveness to contribute to sustainable development of the agricultural sector and enhancing the living conditions of rural residents and contributing to implementation of the national target programme of new rural areas.

He said there are funding windows provided for farmers by the Central Bank of Nigeria (CBN) and the World Bank to boost government’s efforts to expand agriculture sector while providing food security and improved nutrition to the rural poor.

For the agric sector to develop rapidly, he said the economy must support it’s demand for credit and expand business operation towards modernisation.







http://thenationonlineng.net/farmers-seek-new-credit-policy-for-agriculture-2/






Cc: Lalasticlala

Nice one!
Even the so-called BOA are not giving any one digit loan and expect crazy collaterals, immediate pay back plan and I wonder what's the different with the normal bank loan

The dullard will not see this as important, rather to pump money into the IDPs camps and travelling to visit the president of west Germany and the chancellor of east America.

It is the banks, not the government they should be asking this question.

But on the whole...good call.

the older one is not working jare

Dataengineer:
K

simplemach:
K

Above represents the state of the Nigerian mind.....limited to one letter!

Apitch:
Nice one!
Even the so-called BOA are not giving any one digit loan and expect crazy collaterals, immediate pay back plan and I wonder what's the different with the normal bank loan

Because sadly, many farmers in Nigeria do not pay back their loans (true).

Eg.....Zamfara under Yerima gave some loans to farmers...which were not paid . Govt had to beg them.

Anyway.....i think eventually grants and cooperatives are the way forward.

The "clueless one" had the interest of farmers at heart and agricultural growth was phenomenon during his regime. But what do we have now? Here is the change you'all voted for.

bushdoc9919:



Above represents the state of the Nigerian mind.....limited to one letter!

broda na land I just buy ooo, nothing more.

My grand ma in the village also needs the credit ASAP because her garri and fufu is the best walahi.

Our government only pay their attentions to oil sectors which is far from right...

simplemach:
The dullard will not see this as important, rather to pump money into the IDPs camps and travelling to visit the president of west Germany and the chancellor of east America.

Yes....because oil prices have fallen, and because your dear wise man GEJ forgot to save for a rainy day.

On a more serious note.....oil price fall means less cash for the treasury, meaning less cash for grants and loans. Still....somehow needs to be made a priority. But that means something may have to go....like fuel subsidy.

Government has not really been interested in supporting agriculture.

Bukola Saraki and the apc, APC Crises

Apc crises
Why the trouble in the ruling all progressive congress, will apc be better than the people’s Democratic Party. In 1999 when Nigerian came under democracy the ruling party then pdp, was very much united and the party body as the final say unlike what we are now seeing in the all progress congress. The whole senate president is n mess with his party chieftain and the presidency continue to play I don’t care attitude.
We all know what tore the people democratic party, it was internal crises, in fact most Nigerians know that pdp was the problem of pdp and pdp destroy itself,. If without the contribution of key pdp figures like Rotimi Ameachi, former vice president, Alhaji Atiku Abubakar, Rabilu Musa Kwankwaso, the then new pdp senators and members of the lower chamber, the contribution of the g7 governors as well continue reading

bushdoc9919:



Above represents the state of the Nigerian mind.....limited to one letter!

Punch line....

Saraki is scamed

I hope the government listens.

...
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oya make una give dem

Emmafrancis:
The "clueless one" had the interest of farmers at heart and agricultural growth was phenomenon during his regime. But what do we have now? Here is the change you'all voted for.

I guess this problem started May 29th 2015 ba? You really need to pay attention to details. Nobody is blaming nobody here, policies are meant to be reviewed over time, guess it is time to review this particular one.

bushdoc9919:


Because sadly, many farmers in Nigeria do not pay back their loans (true).

Eg.....Zamfara under Yerima gave some loans to farmers...which were not paid . Govt had to beg them.

Anyway.....i think eventually grants and cooperatives are the way forward.

I didn't imply they shouldn't get their collateral but not crazy ones like a structure on a land with C of O! Haba! Na farm I wan farm no be importation

besides oil revenue,agriculture is one of the ways to generate revenue and create employment.But the risks involved in it eg pests and diseases,fire outbreaks, weather etc and uncertainties like the pricing factors make investors shy away frm d sector.but we need to produce raw materials and raw products in this country if we want industries to be established.the govt shd nt shy away frm investing in agriculture.it has its long term benefits and it reduces the cost of importing substandard products frm other countries.

Agriculture really improved during GEJs regime but the only agricultural policy the dullard has embarked on was to remove ban on rice importation.
Which way Nigeria