Kaduna—The Kaduna State government has commenced the disbursement of N1 billion loan to farmers in the state in partnership with the Bank of Agriculture, BOA.
Speaking at the flag-off of the distribution of cheques to the beneficiaries which include individual farmers and cooperative groups yesterday, the state governor, Mukhtar Ramalan Yero said the scheme was ‘’aimed at providing finance to farmers in a bid to increase performance in the sector.’’
According to him, “We have a convenient means of raising funds to finance Agriculture and Agro allied businesses in view of the attractive interest rate of only five percent with very short period of loan processing and disbursement.”
Yero said the technical committee established by the state Ministry of Agriculture had screened six cooperative associations and nine individual farmers who would benefit from the first phase of the scheme.
“The beneficiaries have been drawn on equal basis from the three senatorial zones of the state. Each cooperative association has an average of 10 farmers and will receive agricultural loan ranging from N2.5million and above. On the other hand, each individual beneficiary will receive N250,000.
“The BOA will continue to disburse the facility to other beneficiaries … I therefore urge farmers that have not indicated interest to hasten to take advantage of the opportunity being provided by this scheme,’’ Yero said.
The governor reiterated the commitment of the present administration towards improving the agricultural sector in the state as a way of diversifying the economy.