Farmers in Nigeria will soon get th or demand for low interest rates loan met. This hint was given on Thursday in Abuja by the Minister of Agriculture and Food Security (FMAFS), Senator Abubakar Kyari.
The minister made it known the single digit financing that the federal government is working on would be in partnership with the Rabobank of Netherlands.
Rabobank is a Dutch multinational banking and financial services company in the Netherlands which offers financial expertise in the food and agriculture industry, by assisting farmers, ranchers, and agribusiness companies grow their agribusinesses throughout the United States, Canada, Argentina, Brazil, Chile and Mexico.
Senator Kyari stated that the partnership is part of the federal government’s commitment to ensuring farmers have access to funding at affordable rates, which will, in turn, boost productivity and address challenges hindering agricultural development.
He said, “I held a bilateral meeting with officials from Rabo Bank @RaboFoodAgri, Netherlands, to discuss enhancing access to single-digit financing for smallholder farmers and agribusiness stakeholders in Nigeria”.
Kyari disclosed on X that the meeting had in attendance the “Country Representative to Nigeria Food and Agriculture Organization (FAO) of the United Nations and his team, the Managing Director of the Bank of Agriculture (BoA), the Group Managing Director of Dangote Tomato Processing Plants, and representatives of the Ministry of Water Resources.
Also, the National Programme Coordinators for the Special Agro-Industrial Processing Zones (SAPZ) and Value Chain Development Programme (VCDP), as well as my Technical Advisor on Partnership and Collaboration attended the meeting.”
According to the minister, “Nigeria’s vision for agri-food system, reflects a comprehensive approach, to securing food for the present and future generation.”
He added that “The focus has been on inclusivity, sustainability and resilience, which is based on the principle of unlocking and exploring the country’s agricultural potential.
“The direction of the Nigerian government and the support provided by development partners is targeted at uplifting smallholder farmers and rural communities”.
He lauded the interventions of the African Development Banks (AfDB) in assisting the National Agricultural Growth Scheme, by facilitating farmers’ access to seeds, fertilisers, agrochemicals, and training.
Kyari said the program has helped in enhancing yield outputs, processing, and marketing in the chain.
He commended the commitment of all state and non-state partners for their contributions to human development, noting that it is an essential approach to strengthen coordination and build technical capacity.