Financial expert charges FG on low interest loans for farmers
(From Gbenga Dada, NOPE)
A financial expert, Mr Moshood Adeyemi, on Thursday urged the federal government to strengthen the Bank of Industry (BoI) to provide low-interest loans that would be readily available to farmers.
According to him, this will strengthen agricultural self-sufficiency.
Adeyemi, a chartered accountant and tax director, in an interview with the Nigerian News Agency (NAN) in Lagos on Thursday, praised the government for its initiatives to boost the agricultural sector.
Adeyemi, founder of 2FM Global Resources and president of Human Rights Violation Watch, Lagos branch, listed some of the initiatives to include TraderMoni, FarmerMoni and MarketMoni.
According to him, these have so far had a positive impact on people’s lives but are not enough to make enough food available to citizens.
âIf low-interest loans are given to farmers for the purchase of agricultural supplements such as fertilizers, seeds and machinery, it would go a long way in boosting agriculture, which is a vital sector of the economy. .
âMost importantly, the government must also return to the marketing chain responsible for purchasing and supplying finished agricultural products to end users; it will greatly reduce the burden on farmers, âhe said.
The accountant suggested that the government put in place measures, including palliatives, tax exemptions and the development of infrastructure for individuals and legal persons.
He also suggested setting up a farm loss insurance program to encourage and motivate farmers to weather the recession.
âMany people have lost their jobs as a result of the global COVID-19 pandemic and this has resulted in a continued decline in gross domestic product and income per capital,â he said.
Adeyemi hailed the reopening of land borders, describing it as a good step to be taken to help a rapid recovery from the country’s current recession.