FG Earmarks N5bn For Rural Agriculture
The Federal Government has earmarked N5.1 billion for the development of agriculture in rural areas in 12 states in the country.
The rural agriculture venture is under the Rural Finance Institution Building Programme, RUFIN, aimed at helping small holders farmers and Rural Micro Enterprises to have quality access to financial services in a sustainable manner.
The RUFIN is a collaborative effort of the Federal Government of Nigeria and the International Fund for Agricultural Development, IFAD of the United Nations as part of a comprehensive approach for the demonstration of the present administration’s commitment towards the actualization of food security, reduction of poverty and wealth creation in the rural areas.
According to Mr Olumiyiwa Azeez, National Programme Co-coordinator, RUFIN, the programme is currently being implemented through a loan agreement of $27.2 million (N4.1 billion) from IFAD and a grant of $0.5 million (N76 million) from Ford Foundation in 12 states that include Katsina, Zamfara, Bauchi, Adamawa, Benue, Nasarawa, Oyo, Lagos, Akwa Ibom, Edo, Imo and Anambra. It covers three Local Governments Areas in each of the 12 states.
The RUFIN programme is providing at least $1.5 million (N228 million) into the fund.
At a sensitisation workshop for rural farmers in Ikorodu Local Government, Lagos State, southwest Nigeria, Azeez said the programme had commenced with the Ministry of Ageiculture and Rural Development as the lead implementing agency, supported by the CBN, the National Poverty Eradication Programme, the Nigeria Agricultural Cooperative and Rural Development Bank and the Federal Department of Cooperatives.
According to him, RUFIN would facilitate development and promotion of alternative financial products with an improved legal policy and regulatory framework and establishment of the much needed linkages between the financial system and the production system capable of engendering the much desired growth, transformation and sustainability of the rural economy and indeed, that of the nation.
Permanent Secretary, Lagos State Ministry of Agriculture, Dr Yakub Basorun said the RUFIN would allow rural farmers to have access to credit facilities, adding the workshop was to mobilise farmers in the selected three Local Governments —Ikorodu, Epe and Badagry— to take advantage of the programme as the interest payable is not much.
He said some micro-finance banks in the state have been selected to provide loans for the rural farmers under the programme.
Lagos State Co-coordinator, RUFIN, Mrs. Funmi Bello stated that the programme was meant to alleviate poverty among rural farmers.
“It is a seven years programme targeted towards rural poor and micro finance banks to have access to loans.
According to her, the beneficiaries of the programme would be monitored to ensure that the money loaned to them was judiciously utilized for the purpose it was meant for, adding that the interest rates would be low.
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