Delta Farmers Get N1b FG Agric Loan Next Year

The Chairman, All Farmers Association of Nigeria (AFAN) in Delta State, Mr Joshua Oghenekaro, says the disbursement of the Federal Government N1 billion agriculture loan in the state is expected in 2012.

Oghenekaro, who disclosed this to the News Agency of Nigeria (NAN) in Asaba, said that the state government was working with some banks on the best ways top disburse the loan.

He said that more than 700 farmers’ cooperative societies including big farmers in the state had formally applied for the loan.

According to him, the banks will have to assess the approved list of farmers to ascertain their status and ability to repay.

He said: “I know that the state government is working with some banks and that it has sent the list of some farmer’s cooperatives societies to the banks for assessment.

“I don’t think the disbursement will be possible until next year, because the banks will still go and inspect the farms and the procedure will take a long time.

“About 700 farmers corporative societies applied for the Federal Government agricultural loan in the state. We are still awaiting the state government directives”.

He said though there were other loans available to farmers, the loans came with almost 25 per cent deposit and a certain interest rate which could be double-digit interest rates depending on the bank.

According to him, not all farmers can access this loan because of the associated conditions which may be difficult to meet.

He called for improved funding and infrastructure development to assist “grass-roots farmers who actually feed the nation”.