Association Obtains N500m Loan To Purchase Surplus Wheat

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The Kano State Chapter
of the Wheat Farmers Association of Nigeria (WFAN) said that it was ready to purchase surplus wheat from its members, after obtaining a N500 million loan.
The state Chairman of the association, Mr Faruk Rabi’u, said this in an interview with newsmen in Kano, on Saturday.
Rabi’u, who is also the Deputy National President of the association, said the bank had already approved the loan, pointing out necessary formalities had been completed for the release of the money.
“Lack of a ready market is one of the factors discouraging wheat production, not only in the state, but in the country in general.
“Many farmers in the state have lost interest in cultivating wheat because of lack of a ready market for the commodity, hence the decision to secure the loan.’’
He noted that buying the surplus of the commodity from farmers will not only encourage them to remain in the business but it would go a long way towards encouraging other farmers to embrace wheat production.
Rabi’u said the association would purchase the commodity at good prices, to enable them to recoup their money and make a profit.
“The purpose of the loan is to buy the surplus so that the association can dispose of the product later to companies that are interested.’’
According to him, some companies have already indicated their interest in purchasing the commodity in bulk from the association.
He, therefore, called on wheat farmers in the state to give the association the necessary support and cooperation.