By Francis Sadhere, Warri
An agricultural expert, Mr. Samuel Emiaso on Monday urged the Federal Government to compel financial institutions in the country to grant loans to farmers at low interest rate.
Emiaso, former Manager, Agric Extension, Shell Petroleum Development Company (SPDC) who spoke to The AUTHORITY on some of the challenges affecting the growth of agriculture in the country, suggested that single digit interest rate would encourage farmers in agricultural sector.
Emiaso said that Government should make a regulations on the physical rates that will conditioned the Bank of Agriculture to give loans to farmers at low interest rates, noting that he does not see any reason why interest rates should be high instead of being in the barest minimum to encourage farmers .
He said, “If government can compel banks to comply with the Bank Verification Number (BVN), they can also tell them to comply with a particular rate for agriculture. The barest minimum rate I will suggest is five per cent, it will encourage people to work hard, pay back quickly and also expand.”
Emiaso also appealed to banks and other financial institutions to sponsor seasoned farmers who could train and engaged others, advising and challenging banks to send their marketers to market agriculture so that Nigeria would have a better economy and project itself as a nation.
While noting that Nigeria has one of the best climates in the world, Emiaso said it was high time Nigeria started harnessing the blessings of agriculture.
“There is no sense looking for only construction or contractors to fund. I think the bank need to do more than that, not only buying and selling businesses, they should also fund agriculture.
“There are existing and seasoned farmers, banks can partner, train and get them well established. When they begin to do this then the economy will begin to grow, Emiasa added.
