Obasanjo advocates single-digit loan for farmers

Former President Olusegun Obasanjo has called on the Nigerian federal government to offer single-digit interest loans to farmers, emphasizing that high interest rates hinder agribusiness development. Speaking at the Agriconnect Summit 2024 in Lagos, he stressed the importance of recognizing food security as a national priority and providing necessary financial support. Ayoola Oduntan, of Amo Farm Sieberer Hatchery Limited, highlighted the need for consistent policies to enhance market access and build resilient food systems. Meka Nwabuko of Prime Agro Seeds Limited advocated for collaboration, technology, and cooperative structures to support smallholder farmers and address agribusiness challenges. Source: BusinessDay

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Nigeria must prioritize food security and support farmers through financial and policy measures to enhance market access and build resilient food systems. Former President Olusegun Obasanjo has urged the federal government to offer single-digit interest loans to farmers, emphasizing that high-interest loans hinder agribusiness progress. At the Agriconnect Summit 2024, Obasanjo stressed the need for financial support and innovation to harness Nigeria’s agricultural potential. Ayoola Oduntan of Amo Farm Sieberer Hatchery Limited highlighted the critical issue of inconsistent government policies. He pointed out that policy shifts with each new minister of agriculture disrupt agribusiness progress. To address this, Oduntan called for a central coordinating agency to ensure policy consistency and effective resource allocation. Meka Nwabuko of Prime Agro Seeds Limited emphasized collaboration and technology as keys to transforming agribusiness. He noted that smallholder farmers, who are central to food production, face numerous challenges that can be better addressed through clustering or cooperatives. This approach would provide structural and sustainable solutions, improving productivity and profitability for smallholder farmers. In summary, Nigeria’s agricultural sector requires consistent policies, financial support, and collaborative efforts to unlock its full potential and ensure food security.