The Oyo State Government has provided N1billion Loan Facility to the Oyo State Agricultural Credit corporation for farmers across the state.
The single digit interest loan facility would ensure more access at reasonable interest rates for farmers to expand their business and attract potential investors into the farming value chain.
Speaking during a media briefing at the Ministry of Information and Civic Orientation Film Theatre in Ibadan, recently, the Executive Chairman, Oyo State Agricultural Credit corporation, Alh. Taofeek Akeugbagold said that the present administration was committed to reforming the farming sector with notable programmes like the Sustainable Action for Economic Recovery (SAfER), among others.
He said this will ensure food security and cushion the effect of removal of fuel subsidy, by the federal government.
He said the loan facility will focus on the smally holder farmers, who bear the burden of feeding the teeming population.
“His Excellency, the Governor of Oyo State, Engr. Seyi Makinde has graciously approved the release of One (1) Billion Naira under the Sustainable Actions for Economic Recovery (SAFER) Programme which is to be disbursed to the Farmers in all the Thirty-three (33) Local Government Areas of the State so as to improve food security in the State,” he said.
“They account for about Ninety Per cent (90%) of the Farmers population and this responsible for about Ninety-Five Per cent (95%) of the aggregate food and fibre production in the State”, he said.
The Chairman pointed out that, “They are mostly residents of the State’s rural areas who are poorly served by basic public amenities.”
