The National Apex Of Nigerian Farmers Cooperative Societies Limited (NANFACOS), in line with the Federal Government policy, is set to partner with the Bank of Agriculture (BOA) to ensure Food Security in the Country.
The National President of NANFACOS, Nwagwugwu Uzoma disclosed this when he led the National Officers of the society on a courtesy visit to the Bank of Agriculture in Kaduna.
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He said the Society established in 2019 is to among other things, complement the efforts of the Federal Government of Nigeria in the agricultural sector, particularly, on the commodity value chains, which amounts to adding value to the various agricultural produce for optimum end advantage.
He explained that the Apex Cooperative body is designed to support the Federal Government in ensuring that agriculture maintains its stay in Nigeria as the giant of Africa, for abundant and sustainable food production, security, employment opportunities, and wealth creation for the teeming population of her citizens nationwide.
Uzoma who expressed dismay over the Non-payment of Agricultural loans in Nigeria maintained that the society is mapping out plans to ensure that Farmers pay back loans as at when due.
He further decried that some Farmers whom he termed as ‘Portfolio Farmers’ absconded with the loan, but stressed that the Society will collaborate with BOA and other Financial Institutions to ensure that only Farmers under his umbrella get loans to make repayment easy.
“One of the problem we have understood is that the FG has been sinking money into Agriculture, but it looks as if nothing has been happening. One of the causes is that, most of the funds goes to the non practicing Farmers, and that is the purpose of establishing NANFACOS so that we will check the imbalances between the portfolio farmers and the practising Farmers.
These are the reasons why we are here today to make sure that we have a concrete meeting with the Bank of Agriculture so that we can can streamline things and bring our heads together and know the way forward so that we can promote cooperatives in Nigeria”, he noted.
Loan is not part of national cake
Continuing, “We are going to erase that syndrome of not repaying loans. Some farmers think a loan is part of the national cake they have received, but that is wrong, but we will make sure that farmers henceforth stop their attitude of running away with loans given to them.
One of the loopholes discovered in loan repayment is the lack of monitoring the beneficiaries on the utilization of loans for the purpose they were given.
“There is a need to sensitize farmers on the issue of loans they receive and how to manage the loans to help their business as farmers”, he said.
Going Further, the President said the Society with 126 thousand affiliate groups of 28million practicing Farmers is a platform to make the Food Security agenda of President Muhammadu Buhari a reality.
Receiving the NANFACOS National Executives at Kaduna BOA Office, the General Manager, Risk, BOA, Muhammed Abdul Babangida lauded the Aims and objectives of the society which includes
to unite, regulate and supervise all farmers cooperative societies in Nigeria, for abundant food production via processing, packaging, marketing, and improving the income of smallholder cooperative farmers, with cooperative best practices.
Also, to seek the welfare of the entire cooperative farmers in Nigeria through funding at affordable interest rates; to check the challenges associated with credit delivery system to cooperative farmers and ensure innovative business, among others.
He promised that BOA will study the structure of NANFACOS and see areas of Partnership to better the Farming populace.
