Stakeholders Calls On Government to Provide Require Resources to Support Agric Sector
The importance of agriculture in economic development cannot be overstated. However, many financial institutions are unable to provide necessary support to this sector due to some gaps that need to be closed.
To address this issue, the Nigerian Bar Association Section on Business Law (NBA-SBL) Agriculture Law Committee organized a webinar series titled “Identifying Challenges in Agricultural Financing: Bridging the Gaps between Financial Institutions and Agribusinesses” to educate the Nigerian business and legal communities on matters affecting the local business environment.
The discourse was moderated by the committee’s Secretary and Editor-in-Chief of FarmingFarmersFarms, Dr. Adewale Kupoluyi, and hosted by the section’s Chair, Aderonke Alex-Adedipe, who was represented by the Vice Chair, Joshua Daranijo
During the webinar, panellists discussed the challenges facing agricultural financing in Nigeria and how to bridge the gaps between financial institutions and agribusinesses.
The Head of Credit and Marketing Department of NIRSAL Microfinance Bank, Anulika Ijomah, suggested that governments should give banks a soft landing to quickly and easily disburse loans to farmers.
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She also emphasized the need for ministries of agriculture to handle extension services and properly train farmers to understand agriculture as a business.
The Field Officer of ETG Beyondbeans, Dr Olorunfemi Malomo, called for synergy between NIRSAL and the National Orientation Agency (NOA).
He also suggested that farming products should be made affordable and accessible to agripreneurs at the grassroots level.
The panellists identified major challenges facing agricultural financing, including insufficient insurance coverage, the inability of farmers to manage the disease, land leasing, inferior quality of farm inputs, global warming, and inadequate collateral.
Overall, the webinar was a worthwhile effort in identifying challenges in agricultural financing and bridge the gaps between financial institutions and agribusinesses.
The panellists urged the government and all parties involved in agricultural financing to have wider conversations and provide the required resources to support this sector.
