Single Digit Interest Rate Will Transform Nigeria’s Agribusiness –Obasanjo

Former President Olusegun Obasanjo has said that a single digit interest rate on agricultural loans will help transform the agribusiness in the country. Obasanjo who said this at the launch of Youths in Agribusiness project at the weekend in Abuja, said that interest rate of less than 10 per cent would empower youths to go to the bank to borrow money for agriculture. Speaking on the theme of the event: “Enabling Scaling of Innovative Technologies for Sustainable Food Solutions,” the former President urged the Federal Government to fashion out a way that will make it easy for youth to access finance at the right rate.   “I believe any interest that is more than single digit is not good enough for agriculture.” OBJ as he is fondly called noted that agricultural stakeholders have done tremendous work in providing the right seed, hybrid seed, high yielding seed and knowledge that can be used to transform the agribusiness sector. “But we need more of these scientific and technological products in the farmers’ hands so that farmers can be better on what they get in terms of yields,” he said. He said that food production, food security and nutritional security were very important in Nigeria and there was also a need to create jobs for the teeming population of youth in the country. On his part, Wouter Plomp, Netherlands Ambassador to Nigeria said the Youth Agribusiness Programme would be a three-year initiative inspired by Nigerian tenacity and a sprinkle of Dutch innovation to support 8000 young agri-preneurs. He said the goal was to combat food insecurity by empowering youths to get access to finance and connect young agri-preneurs with local and international markets. According to him, the aim is not only to ensure Nigeria’s food security, but also place the nation at the forefront of global agricultural innovation. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said the 2023 World Food Day campaign took water action for food by encouraging its wise utilisation to ensure stability in food security. The minister, who was represented by Engr. Adegbenro Adebiyi, Director Agribusiness and Market Development, said the aim of the project was to provide opportunities that would save and restore livelihoods and reduce food insecurity in the country.

FG distributes subsidized farm inputs to farmers in Kano

The Federal Government on Monday kick-started the distribution of subsidized farm inputs to farmers in Bunkure Local Government Area of Kano State. The Permanent Secretary of the Federal Ministry of Agriculture and Rural Development, Dr. Ernest Afolabi, announced this during the inauguration of the distribution event in the ATASP-1 States, including Jigawa, Kebbi, Niger, and Sokoto. Dr. Ernest Afolabi, represented by Malam Tanimu Ibrahim, the Director of Planning and Policy Coordination, stated that the distribution marked the beginning of the 2023 delivery of subsidized inputs to approximately 60,000 farmers across the participating states. The program, which was initiated in March 2015, aims to enhance food and nutrition security, attract private-sector investments in agriculture, reduce post-harvest losses, and add value to local agricultural produce. Under the Commodity Value Chain Development component, the Federal Government, through the ministry, has been providing crucial production inputs to support farmers, emphasizing the importance of transparency, accountability, and efficiency in the input delivery process. To make the program more efficient, the government approved the introduction and use of an ICT platform for input delivery to farmers this year, highlighting the significance of this notable improvement. The Permanent Secretary reaffirmed the current administration’s commitment to boost agricultural production in the country, emphasizing the vital role of agriculture in achieving food security. Governor Abba Yusuf commended the initiative, represented by his deputy, Alhaji Aminu Gwarzo. He reiterated his administration’s dedication to providing farmers with affordable avenues to access soft loans from credible financial institutions, thus enhancing food security in the state. Alhaji Faruk Mudi, Chairman of the All Farmers Association of Nigeria (AFAN) in Kano State, assured that the farmers would utilize the inputs efficiently to produce diverse food crops, reflecting their commitment to agricultural growth and sustainability.