Loans: Farmers Make Call For Restructuring Of Bank Of Agric | Independent Newspapers Limited
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Agriculture, Business

Loans: Farmers Make Call For Restructuring Of Bank Of Agric

Posted: Jul 3, 2015 at 12:10 am   /   by   /   comments (0)

Nigerian farmers and stakeholders in agribusiness have stressed the need for the Federal Government to restructure the Bank of Agriculture (BOA) over strenuous processes involved in accessing loans meant to empower the nation’s agric industry.

Rising at the end of a dialogue organised by the National Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), the farmers condemned the processes involved in assessing loans at the bank, describing it as too cumbersome.

In their deliberations on ways to enhance the agricultural value chain with the theme, “Enhancing Agricultural Sector Through Adequate Financing” the stakeholders stated that apart from the many unprocessed documents at the bank, the farmers said the two digits interest rate was retrogressive.

Speaking at the event, the National President of the association, Alhaji Mohammed Abubakar, said the dialogue was aimed at finding a solution to the issue of agriculture and agribusiness financing in the country.

Abubakar who was represented at the event by the president of Kaduna branch of NACCIMA, Dr. Alimi Bello, said, “The overall objective of this dialogue session is to discuss, identify and remove all major constrains to achieving competitiveness, and also ensure equitable returns for all stakeholders in agribusiness.”

He reiterated the need for government to restructure the Bank of Agriculture and other financial institutions regarding loans disbursements to the farmers and other agric entrepreneurs in the country.

He said some of hiccups in the agricultural value chain could be attributed to both the federal ministry of agriculture, state governments and the private sectors.