The tempo of commercial agriculture in Kwara State is set to receive a boost through a proposed N2billion funding window to be actualized by the Bank of Agriculture and the State Government.
Presenting the proposal to the Governor of Kwara State, Dr Abdulfatah Ahmed, the Managing Director of the Bank, Dr Muhammed Santuraki said if the Kwara State Government accepts the proposal, the Bank would provide its N1bn counterpart fund to jumpstart the scheme.
Dr Santuraki explained that the collaborative fund would provide lending support to commercial farmers, youth and women in agriculture and other value chain outlets.
He expressed the hope that the scheme could take off before the end of this farming season as it could support about 2,000 Small and Medium Enterprises farmers or up to 10,000 farmers if they are micro farmers depending on the option adopted by the State.
According to the MD, the scheme will create about 20,000 direct employment for the indigenes of the State while the quality of life of about 100,000 people is expected to improve in the next one year.
Dr Santuraki noted that the scheme would be a revolving one and ultimately additional 20,000 hectares of arable land would have been cultivated with huge contribution to national food security.
The Kwara State Governor, Dr Abdulfatah Ahmed in his remarks noted that the BOA funding window was attractive and that the State was ready to partner with it.
Governor Ahmed noted that it was necessary to establish agricultural malls across the country through private sector initiative to drive commercial agriculture in the country.
He also urged the Bank of Industry and the Federal Ministries of Agriculture and Finance to work out modalities that will promote backward integration in the agricultural sector for growth and food security.
Written by NEWSTRAWL ONLINE UPDATE
Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner
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