Oyo Farmers Get N28m Loan From Agric Bank

The Oyo State Sugar Cane Farmers Union says it has secured a N28 million loan from the Bank of Agriculture (BOA) for 400 farmers in the state.
Chairman of the union, Mr Olusola Adepoju, disclosed this in an interview with newsmen yesterday in Abuja.
Adepoju explained that the loan came under the Sugar Cane Out-growers Scheme of the National Sugar Master Plan being implemented by the National Sugar Development Council (NSDC).
According to him, the NSDC facilitated the loan with a deposit of N14.3 million as collateral.
“With the money, we have secured sugar cane seeds, which will be distributed to our members for planting on a 400-hectare farmland at Iseyin, Oyo State, in April.
“The farmland, located at the site of the Middle Ogun Irrigation Project, an arm of the Ogun-Osun River Basin Authority, will be allocated to the beneficiaries.
“We want the cultivation done in one place for easy monitoring and supervision by our desk and extension officers,” he said.
Adepoju commended the Executive Secretary of NSDC, Dr Latif Busari, for “his commitment to the successful implementation of the sugar master plan.
“Before the loan, the council had given us a N4 million grant for the production of sugar cane foundation seeds.
“Besides, NSDC also gave us 10 trailer loads of sugar cane seeds valued at over N10 million.
“These will also be distributed to our members for planting on the same farmland to produce brown sugar by December.”
Adepoju, however, said that BOA gave out the loan at an interest rate of 12 per cent against the single digit rate negotiated by the council.
The Sugar Cane Out-growers Scheme is captured under Section 9.3.2 of the National Sugar Master Plan.