FG targets five percent interest rate loans for farmers

The Federal Government is targeting five percent interest rate loans for farmers in order to achieve food sufficiency in the country through the reforming of Bank of Agriculture (BOA).

Minister of Agriculture and Rural Development, Audu Ogbe said the reform, which is expected to be concluded by December, will have farmers as shareholders of the bank and will give out loan with interest rate of 5% for their farming.

Ogbe stated this yesterday in Dutse, Jigawa State at the special Town Hall meeting on Agriculture organised by the ministry of Information and Culture.

He said the low interest rate would be achievable with the restructuring of the Bank of Agriculture.

The minister noted that some of the problem facing the country was as a result of abandonment of rural dwellers who account for the highest population farmers in the country.

He however said the current administration is out to correct by investing in agriculture; adding that ten governors have shown interest to ensure agriculture revolution in the country.

The Emir of Dutse, Dr Nuhu Mohammed Sanusi, had decried that his emirate has been collecting loans with interest rates as high as 19% as opposed to the CBN’s claim of single digit interest rate.

He encouraged the FG to look into the real problems of Agriculture as the sector goes hand in hand with infrastructural development.