FG Unveils N5bn Loan Facility for Livestock Farmers

Date:

May 26, 2023.

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Azonuchechi Chukwu.

The federal government has unveiled a N5 billion loan facility to the Bank of Agriculture (BoA) for livestock farmers across the country.

This was announced by the Minister of Agriculture and Rural Development, Mr Mohammad Mahmood Abubakar, who revealed that the loan facility would ensure more access at reasonable interest rates for farmers to expand their business and attract potential Investors into the Livestock Value Chain.

Speaking during a media briefing at the Ministry’s Conference Room in Abuja recently, the Minister said that the present administration was committed to reforming the livestock sector with notable programmes like the National Livestock Transformation Plan (NLTP) and Livestock Productivity Resilience and Support Plan (LPRESP), among others.

He pointed out that the “crop sub-sector has always gotten more attention because it comes with food security, but nutrition security is the other nutrient that would complement the grains; otherwise, you will have a different kind of growth.”.

Mr Abubakar revealed that “the N5 billion in the Bank of Agriculture loan was part of recapitalization that would be given out to livestock herders. The bank is being recapitalized, and so more money will be coming to the bank.”

He noted that the scheme would bring more stability to develop the livestock sector and improve security and harmonious existence between farmers and herders.

In his remarks, the Managing Director of the Bank of Agriculture, Mr Alwan Ali Hassan, explained that, “The federal government has recapitalized the Bank of Agriculture, we have received some funds, and one of the mandates of the bank is financing the agric value chain completely.”

Mr Hassan pointed out, “The modality in giving out the loan is going to be exactly as enshrined in loan conditions. We have set rules for giving out loans which are governed by the Central Bank of Nigeria, CBN, regulations and also regulated by the bank and financial institutions body.”

He added that “For the interest rate, depending on which value chain you are taking. Our rates start from nine per cent up to 15 per cent, depending on which value chain you are taking. That means it depends on the risk factor of the business you are going into.’’

On whether individual farmers who are not registered members of associations could apply for the loan, the Managing Director answered in the affirmative, stating, “In fact, we do not intend to give loan to the association; we are giving their members. All that the association has to do is to introduce their members.’’

Reacting to this development, the National President of Miyetti Allah Cattle Breeders Association (MACBAN), Mr Baba Usman Ngelzarma, lauded the federal government for the loan facility as an important intervention for the livestock value chain.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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