Otti flags off disbursement of over N900m interest-free agric empowerment loan to 298 farmers
Governor Alex Otti of Abia State has launched the disbursement of over N900 million in interest-free agric empowerment loans to 298 farmers who underwent training at CSS Farm in Nasarawa State. During the event at Government House, Umuahia, the governor reaffirmed his administration’s commitment to transforming agriculture into a key driver of economic development and job creation within the state.
Represented by his Chief of Staff, Caleb Ajagba, Otti highlighted the state government’s determination to create a new pathway for wealth generation by leveraging Abia’s agricultural resources. He described this empowerment initiative as a strategic approach to ensure beneficiaries become financially independent, while contributing to the state’s gross domestic output.
Otti announced plans to launch further programs aimed at alleviating economic hardships in the coming weeks, emphasizing that his administration is focused on uplifting the economic conditions of the common people. He expressed confidence that the beneficiaries will make good use of the funds and assured continued support for committed farmers.
Source: BusinessDay
Key Takeaways for Agri-food Stakeholders:
Interest-free Loans to Boost Agriculture: The N900 million loan facility is a significant investment in empowering smallholder farmers in Abia State, positioning agriculture as a critical sector for economic growth. The interest-free nature of the loans makes it easier for farmers to scale their operations without the burden of repayment pressures.
Capacity Building and Multiplier Effect: The trained farmers are expected to train three additional farmers each, creating a multiplier effect that will expand the knowledge base and practical application of modern agricultural practices across the state. This approach ensures widespread adoption of new techniques and enhances productivity.
Modern Agricultural Practices in Education: The Commissioner for Agriculture, Cliff Agbaeze, revealed plans to integrate modern agricultural practices into the educational curriculum at all levels, signaling a long-term strategy to equip future generations with the skills needed to sustain agricultural development.
Monitoring and Accountability: The government, through the Ministry of Agriculture, has established a monitoring schedule to track the progress of beneficiaries, ensuring that the funds are utilized effectively and the program achieves its intended impact.
Economic and Social Empowerment: This initiative is part of Otti’s broader agenda to focus on improving the economic and social conditions of the people, especially in the face of current national hardships. Agriculture is seen as a pathway for economic independence and an opportunity for wealth creation.
Recommendations for Agri-food Stakeholders:
Support Farmers’ Empowerment Initiatives: Stakeholders in the agri-food sector should collaborate with state governments to support empowerment programs like these, which focus on enhancing farmers’ capacity and financial independence through interest-free loans and training.
Leverage Training for Knowledge Transfer: The train-the-trainer model adopted in this initiative could serve as a template for similar programs aimed at rapidly disseminating modern agricultural knowledge across communities, ensuring a broader reach and impact.
Encourage Agricultural Integration in Education: The plan to include modern agricultural techniques in the school curriculum is a forward-thinking strategy. Stakeholders should push for policy support to integrate agriculture into the educational system, as this will cultivate future farmers and agripreneurs.
Monitor and Evaluate Progress: Stakeholders, including government bodies and private sector players, must ensure robust monitoring mechanisms are in place to track the impact of agricultural loans and training programs, ensuring beneficiaries meet their targets and contribute to food security.
