Farmer encourages youths to secure FG’s agribusiness loan

Farmer encourages youths to secure FG’s agribusiness loan

By Sunday Ogundiran

The Chief Executive Officer (CEO) of Kenko Farm, Akorede Peter has encouraged the youths around Ejigbo, Jakande, Isolo and Oshodi to take the advantage of the Federal Government’s loan to empower the young farmers which would commence in the next few weeks.

The Ejigbo community based poultry farmer said the $300 million agribusiness loan project for young farmers is a good idea from the federal government to help drive economy and develop all sections of already existing farm businesses to avert financial crisis by individual farmer at the local level.

He noted that the size of the farm, available farm products, the amount incurred into the farm business would be the determinant factors for the loan size that would be given to each farmer across agricultural value chain.

He said: “To benefit from this ongoing agribusiness loan project, you must own a commercial venture; you must have a business that can convince commercial institution.”

Mr. Carchi, a neighbourhood business farmer also revealed that the laid down procedures to applying for the loan is that applicant must own a commercial investment, record of how the business has been run since the establishment of the commercial farm which would be the basis to measure the amount of loan to be given to each farmer that apply for the loan.

“The size of each applicant’s farm land, its present product and other farm facilities would determine what rate of loan each farmer and other business applicant would receive. The organisation also helps to reduce credit risk in agriculture lending,” he said.

He emphasised that the records of past work would determine how much loan to receive, saying, “If the worth of your farm land, size and other facilities is N700,000, you will receive N1,700,000. The higher the worth of the farm land, farm products, the bigger the loan you can get.”