*Adewunmi, Cassava Commodity
president canvasses use of land as collateral.
FACAN), President in Middle, Dr. Victor Iyama & the President of Cassava Growers Association of Nigeria, in white native Pastor Segun Adewunmi during the AGRIKEXPO and Agro food held in Abuja |
The National
President, Federation of Commodities Agriculture Association of Nigeria
(FACAN), Dr. Victor Iyama has resounded that the recapitalization of Bank of
Agriculture (BOA) would put an end to challenges facing the financing of
farmers in Nigeria while the President of Cassava Growers Association of
Nigeria, Pastor Segun Adewunmi canvassed for the use of land as collateral for loan
with and other properties for commercial banks for effective agricultural
business.
At the first
plenary session of the AGRIKEXPO and Agrofood held in Abuja conference centre
during a session on Boosting agribusiness productivity through improved funding: time for
creative solution and policy supports Iyama said BOA stands as the only
farmers’ bank that can solve the farming financing problem saying no commercial
banks would want to lend out customers’money given at double digit to anybody at single digit, hence this called for the bank
recapitalization for better relevance to its mandate.
In his own
view, Adewunmi opined that until there was a paradigm shift of policy that
emphasizes commercial agriculture whereby players could use their farmland and
other properties as collateral, the banks would not be comfortable funding
subsistent farmers and this would make it impossible for Nigeria to compete in
commercial production with other countries like China and India.
He said:
“Our policy targets subsistent this cannot make us to compete successfully with
other countries. No bank will give loans to any unorganized small scale
farmers. Agricultural land will be useful as collateral, this will reduce
non-payment.”
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