By Gabriel Ewepu

ABUJA – IN a bid to boost livestock production, the Lagos State Government and Cubeseed have partnered to empower poultry farmers with N5 million loan facility at a 9 per cent interest rate.

This was disclosed by the Chief Executive Officer, CEO, and Co-Founder, Cubeseed, Mbanefo Chinonyelum. The aim of the loan facility for the farmers is “to create employment, create a reliable supply of protein at an affordable rate, and we are doing that in partnership with the Lagos State Employment Trust Fund, LSETF, and that is the project we are currently on right now.” 

He also explained that Cubeseed is engaged in the mobilisation and coordination of the activity.

He also made it known that, “Currently, we are mobilising livestock farmers, Lagos broiler farmers for a broiler project. More like, it is a cooperative broiler project, and this is funded by the Lagos State Employment Trust Fund. 

“Broiler farmers in Lagos State who belong to a cooperative will access N5 million at 9% interest rate.”

However, he said the criteria are: “They have to belong to the cooperative, provide all the documentation and then they access this funding.

“The farmers will be meeting on Tuesdays and Wednesdays; they are meeting at two venues, day one and day two, where they will be converging for them to meet with the government agencies for which their document requirements are requested. 

“So, this is to ensure that any farmer who is missing out or has a missing document can get signed up, onboarded so that they can have the required documents to enable them to access the funding.”

Meanwhile, according to the Cubeseed CEO, this initiative by the Lagos State Employment Trust Fund is to ensure many young people are brought on board as major beneficiaries that would drive the value chain with support from the Fund.

“LSETF have done a pilot project, I think with five cycles, and it is successful, and they want to create more access to farmers in order to access this funding, and we have been engaged in the mobilisation and coordination of this activity”, he added.

The Lagos State Employment Trust Fund was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State for job, wealth creation and to tackle unemployment.

 LSETF serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State. 

The Fund has the mandate to directly invest ₦25 billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.