The National Coordinator of the association Farmers Empowerment and Development Association of Nigeria (FEDAN), Mr Sola Adepomola, has called for early disbursement of the Central Bank of Nigeria (CBN)’s agricultural loans ahead of the 2016 planting season in Lagos within the week.
Adepomola who said that FEDAN was working to ensure that its members accessed funds by the Federal Government and other financial institutions at reduced interest rates, reiterated that early disbursement of the loan would enhance productivity and reduce poverty.
The National Coordinator further explained that it would also enable Nigeria meets goals one and two of the Sustainable Development Goals (SDGs), adding that Agriculture is capital intensive; serious farmers, wishing to record high productivity, will require funds to add value to their produce.
Appealing to the Bank of Industry (BOI) and Bank of Agriculture (BOA) to support farmers in order to improve food processing and reducing food importation, he pointed out that preparations for the 2016 season have begun and farming activities, like ploughing and planting, need money for implementation.
Ademola also called on other financial institutions to begin to disburse funds early in 2016, in order to enhance agricultural production, adding that “When this is done, prices of food and inflation rate will reduce dramatically while meeting goals one and two of the SDGs.”