Farmers Loan – NANFACOS Partner with BOA
The National Apex of Nigerian Farmers Cooperative Societies Limited (NANFACOS) and the Bank of Agriculture ( BOA) have decried the act by some ‘Portfolio Farmers’ who abscond with loans and expressed readiness to collaborate with other Financial Institutions to ensure that only Farmers under their umbrella get loans to make repayment easy.
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NANFACOS also said that in line with the Federal Government policy, it is set to work with the Bank of Agriculture(BOA) to ensure Food Security in the Country.
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The National President of NANFACOS, Hon. Nwagwugwu Uzoma, spoke when he led the National Officers of the society on a courtesy visit to the Bank of Agriculture in Kaduna.
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He said the Society established in 2019 is to among other things, compliment the efforts of the Federal Government of Nigeria in the agricultural sector, particularly, on the commodity value chains, which amounts to adding value to the various agricultural produce for optimum end advantage.
The President explained that the Apex Cooperative body was designed to support the Federal Government in ensuring that agriculture maintains its stay in Nigeria as the giant of Africa, for abundant and sustainable food production, security, employment opportunities, and wealth creation for the teeming population.
Hon. Uzoma who expressed dismay over the Non-payment of Agricultural loans in Nigeria maintained that ihis organization is mapping out plans to ensure that Farmers pay back loans as at when due.
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He said that some farmers who he termed as ‘Portfolio Farmers’ absconded with agric loan,adding that the Society will collaborate with BOA and other Financial Institutions to ensure that only farmers under their umbrella get loans to make repayment easy.
“We are going to erase that syndrome of not repaying loans. Some farmers think a loan is part of the national cake they have received, but that is wrong, but we will make sure that farmers henceforth stop their attitude of running away with loans given to them.”
“One of the loopholes discovered in loan repayment is the lack of monitoring the beneficiaries on the utilization of loans for the purpose they were given.”
“There is a need to sensitize farmers on the issue of loans they receive and how to manage the loans to help their business as farmers,” he said.
The President said the Society with 126 thousand affiliates group of 28million practicing farmers is a platform to make the Food Security agenda of President Muhammadu Buhari a reality.
Whileb receiving the NANFACOS National Executives at Kaduna BOA head office, the General Manager, Risk, BOA, Muhammed Abdul Babangida lauded the aims and objectives of the society which were
to unite, regulate and supervise all farmers cooperative societies in Nigeria, for abundant food production via processing, packaging, marketing, and improving the income of smallholder cooperative farmers, with cooperative best practices.
Also, to seek the welfare of the entire cooperative farmers in Nigeria through funding at affordable interest rates; to check the challenges associated with credit delivery system to cooperative farmers and ensure innovative business, among others.
He promised that BOA will study the structure of NANFACOS and see areas of partnership to better the farming populace.