‘Only Registered Farmers ’ll Access N60bn Loan’

The Bank of Agriculture (BOA) has said that only agro-dealers and farmers duly registered under the national farmers’ database can access the N60 billion agricultural loan facility.

The Executive Director, Wholesale Finance of the bank, Mr Waziri Ahmadu, made this known in an interview with newsmen on Wednesday in Abuja.

The Central Bank of Nigeria (CBN) had made available the money at nine per cent interest rate in line with the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL).

The aim is to allow small-scale input retailers to have access to finance to be able to purchase seedlings and fertilisers.

“You need to be an agro-dealer and you have to be registered under the National Farmers’ Scheme with the relevant office in the Ministry of Agriculture.

“And you need to go on the agriculture database as an agro-dealer because you cannot be a large supplier and also be an agro-dealer; you have to be duly registered.”

He, however, suggested that the Federal Government should review the method of registering agro-dealers.

“The method of registering agro-dealers should really be looked at. Until now, it is mostly the big supplier companies that are nominating agro-dealerships to register.

“The people in the Ministry of Agriculture registering the agro-dealers must look at the criteria for registering these agro-dealers critically before registering them.”

According to him, the Ministry of Agriculture and the CBN have estimated that the N60 billion will finance five million farmers for effective production this planting season.

He explained that some commercial banks and micro-finance institutions would be involved in the disbursement of the loans.

“Borrowers will come to us; agro-dealers will come to us to borrow and commercial banks are there, they will be doing the same thing. It’s a market for all banks, including our bank.”

It would be recalled that the Federal Government had approved N15 billion to recapitalise the bank.