Business
200 Delta Co-operatives To Access N1bn Agric Loan
More than 200 farmers’ cooperative societies in Delta have been approved to access the N1 billion agriculture loan provided by the Federal Government.
Mr Jonathan Ochonogor, the Permanent Secretary, state Ministry of Agriculture and Natural Resources, disclosed this in an interview with newsmen in Asaba yesterday.
Ochonogor said that the state government had concluded arrangements on the release of the money.
He added that the state had satisfied all the conditions for accessing the loan.
He said: “We have come to the final stage in the process of accessing the funds. The banks’ executives wanted an authentic list of the cooperatives because the loan is only given to cooperatives and not individual farmers.
“That list has been submitted to Zenith Bank and it contains more than 200 cooperatives in the state
that have been approved for the loan. We are now waiting for the bank to release the fund.’’
The permanent secretary said that the state received more than 8,000 applications for the loan, adding that each of the cooperative societies requested for an average of N10 million loan.
Explaining further, he said: “agriculture is capital intensive and for any meaningful thing to be done, the investment has to be reasonable and for that reason I will say that even N1 billion is not enough for the state.’’
Ochonogor noted that the major challenge to agricultural development in the country was the lack of machines due to poor investment and limited resources.
According to him, most farmers cannot afford the machines that can open up large expanse of land and cultivate it for huge farming activities.
He suggested improved agricultural credit to encourage more people to go into large-scale production.
He expressed optimism that agriculture would attain greater heights in the country due to the Federal Government’s efforts to boost productivity in the sector.