Business & EconomyBOA disburses N47bn loans to farmers

BOA disburses N47bn loans to farmers

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The Bank of Agriculture (BOA) says it has disbursed more than 47 billion Naira as loans to farmers in the last 11 years.
Alhaji Ahmed Yahaya, the Assistant Director of the bank, announced this at an agricultural processing sensitisation workshop in Dutse.
Yahaya said that the facility was extended to small holders and large scale farmers across the 36 states and the Federal Capital Territory (FCT).
He said that 39 billion Naira out of the amount had been paid back, adding that 70 per cent of the loan was allocated to small holder farmers while 30 per cent went to large scale farmers.
According to him, the bank has introduced various facilities that enhanced farmers’ access to credit facilities.
Yahaya added that the bank provided capital to farmers for crop production, livestock, fisheries, poultry and agricultural processing.
He said that the bank had extended its outreach to major towns across the country to enable farmers’ to access its service.
The director advocated for fund collaboration with the Jigawa Government to enhance financing of agricultural activity in the state.
“I am advocating for a 1 billion Naira agricultural loan package for farmers in Jigawa.
“In this regard the State Government should contribute 500 million Naira while the bank will also provide the same amount to facilitate smooth execution of the facility,’’ Yahaya said.
The director also charged farmers in the state to form cooperative associations to enable them to access the facilities.

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