Obasanjo Calls for Single-Digit Interest Rate on Agricultural Loans
Former President Olusegun Obasanjo has urged the Federal Government to reduce agriculture interest loans to single digits to help transform agribusiness. Obasanjo made the call
Former President Olusegun Obasanjo has urged the Federal Government to reduce agriculture interest loans to single digits to help transform agribusiness.
Obasanjo made the call on Friday in Abuja at the Launch of Youths in Agribusiness project with the theme, “Enabling Scaling of Innovative Technologies for Sustainable Food Solutions.’’
He said that if youths had to go to the bank to borrow money at the rate of 20 per cent interest rate, it would be difficult for them to succeed in the agricultural business.
The former president appealed to the Federal Government to find a way that youths could get access to finance at the right rate for agriculture.
“I believe any interest that is more than a single digit is not good enough for agriculture.”
According to him, agricultural stakeholders have done tremendous work in providing the right seed, hybrid seed, high-yielding seed and knowledge that can be used to transform the agribusiness sector.
“But we need more of these scientific and technological products in the farmers’ hands so that they can be better on what they get in terms of yields,” he said.
He said that food production, food security and nutritional security were very important in Nigeria and there was also a need to create jobs for the teeming population of youth in the country.
On his part, Wouter Plomp, Netherlands Ambassador to Nigeria, said the Youth Agribusiness Programme would be a three-year initiative inspired by Nigerian tenacity and a sprinkle of Dutch innovation to support 8000 young ‘agripreneurs’.(NAN)
