Bank of Agriculture (BoA) has partnered the National Orientation Agency (NOA) to improve on the rate of loan repayment by farmers under the Anchor Borrowers’ policy.
Director General of NOA, Dr. Garba Abari, according to a statement by Head, Press Unit of the agency, Paul Odenyi, who represented him during a courtesy visit to BoA last week in Abuja, said the Federal Government has shown the political will to reposition agriculture through its policy direction in the sector, calling for public sensitisation on the scheme among farmers in order to improve results of the sector.
The NOA boss said both institutions have the relevant platforms to reposition agriculture to make widespread impact in the country.
Abari, who stressed the need for robust public enlightenment on the various government policies if they are to be effectively implemented, pledged to utilise NOA’s platforms across the country to sensitise Nigerians, especially smallholder farmers, on the scope and workings of the Anchor Borrowers programme.
While commending the patriotism of the BoA management team in answering the call to national service despite its inconveniences, Abari called on all Nigerians to contribute their quota towards speedy development of the agricultural sector.
“For a country whose glory used to be in agriculture, we have no other way out of our economic challenges other than running agriculture as a big business for income generation, food sustainability and global competitiveness,” he said.
Managing Director, BoA, Kabir Adamu, explained that the programme, which targets small holder farmers with agricultural loan and inputs was confronted with high rate of Non-Performing Loans (NPLs), which he ascribed to poor understanding of the programme by farmers.
He said the loans to farmers were not gifts, hence the need for them to repay in order to facilitate access to loans by other farmers. He noted, however, that BoA’s NPLs were below 10 per cent.
Adamu disclosed that the bank hoped to register 15 million farmers in the next two years and was therefore partnering relevant agencies to open branches in all local government areas to ensure it meets the target.
He appealed to corporate Nigerians to partner the bank in the area of funding in line with global best practices and in the spirit of patriotism.