Interview- CBN is passionate to develop oil palm plantation through stakeholders- Engr Adeyinka

Let meet you sir?

My name is Engr. Samuel Ajayi Adeyinka. I am the chairman Oil-palm Grower Association of Nigeria farmers in Ogun state.

Sir, what is your view about the loan the Central Bank wants to give to oil palm plantation which some view as an opportunity being centred on big companies alone?

It depends on which angle and whoever is discussing it wants to take from the whole issue. Basically, the intention is to expand oil-palm plantation in Nigeria. Right from the beginning all the stakeholders at the value chain of oil-palm productivity were represented at the CBN meeting on this. Farmers’ group were also invited as stakeholder. We agreed with CBN on the modality of the interest rate and the gestation period and all the rest of it. Now because we are not the only one involved just as the big companies are involved as stakeholders who have the more wherewithal's. 

The big companies had to come in because of their interest in the sector, and they have the collateral to use to get loan, and this gives then an upper hand to first get approval for the loan. They were also mandated to help farmers within the community where they are operating who do not have collateral to get loan. In our own case as an association, we are asked to form ourselves into a cooperative which we have done with the formation of clusters that we have registered as cooperatives.

How many of such cooperative have you in Ogun state now, as the state is never a reflection of Nigeria?

Yes, let me give an example especially in the southwest, it is only Ogun state that is functioning. We hold meeting every last Thursday of every month.

Anyway what is the reaction of CBN to your cooperative in Ogun state?

The CBN reaction is very encouraging. They are about releasing the loan through our bank. I had a meeting with one of the organization directors yesterday in the state that came from Abuja.