Recession: Bank of Agriculture to assist with loans

Bank of Agriculture (BOA)

The Bank of Agriculture (BOA) says it is ready to provide financial assistance to farmers and youths in the country to boost food production through mechanised farming.

Mr Babatunde Igun, an Executive Director of the bank, said this during a courtesy visit to the Ooni of Ife, Oba Adeyeye Ogunwusi, on Thursday.

He expressed the bank’s willingness to partner with the traditional ruler on engaging youths in farming.

Igun added that with the dwindling effects of crude oil price and the negative impact on the economy, there was urgent need to assist farmers and youths in diversifying the economy.

“We have all seen the dwindling effects of crude oil price on our economy in the last one or two years.

“We need to feed ourselves, stop importation of unnecessary food items and that is why BOA is relevant.

“We are ready to assist farmers as well as youths to go back to farming. Our plan is not for them to go back to hoes and cutlasses farming but rather mechanised farming.

“I believe with the assistance BOA is ready to give, our agriculture system will begin to take a new shape in the next few years,” he said.

Igun also said that the bank was ready to partner with the Ooni’s agriculture development initiative for the youths in the town.

He said that BOA would assist 150 youths who were being trained by the traditional ruler on agriculture mechanisation and production skill with loan facility.

“The most important thing for anyone going to agriculture is skills acquisition.

“That is where the Ooni has played a dominant role by bringing 150 youths together in the last four months to train them in agricultural mechanisation.

“And that is why we are interested in giving them loan after their training.

“In BOA, once we see an organisation, state or individual that is passionate about youths, women and agriculture, we try to come to them and find a way we can work together,” he said.

Igun added that more than 400 farmers had been empowered in Ile-Ife with N500 million loan facilities in the last few years, adding that the bank would do more.

In his remarks, the Ooni said he was ready to partner with the bank to encourage youths in food production.

The monarch, who noted that there were a lot of unemployed youths, said governments and the private sector, should be willing to assist youths to embrace farming.

He, however, urged BOA management to make their presence more visible by providing loans to farmers.

“If BOA can be used as a proper conduit in terms of giving soft loans on a long-term basis, it will encourage the youths to go back to the farm,” the monarch said.