Mr Femi Coker, National President, National Farmers Association of Nigeria said on Tuesday in Abuja that the association would soon establish Farmers’ Bank worth N60 billion to boost agriculture.
Coker, who was represented by NAFAN Special Adviser, Mr Dapo Adesola, made this known at the ongoing National Insurance Conference (NIC) in Abuja.
He said that the proposed bank will be the first of its kind in the country.
Coker said that inadequate funding on agriculture appears to have aggravated and deepened poverty in the country.“Despite the fact that the country has spent billions of Naira on agricultural development without corresponding development.
“An assessment of the plans and budgets revealed there was no corresponding evidence that huge sums were spent on agriculture.
“Even with the two per cent budgetary allocation, the fund was used in servicing the numerous agricultural bureaucracies at the Federal and state levels,” he said.
The AFAN President said that the bank would be owned by registered farmers in the country as a remedy to the failure of government and financial institutions support for farmers.
Coker said that bank would partner Rabo Bank in Netherlands to enhance the country’s farmers with mechanisation.
He said that the association would train and empower 100,000 Nigerian youths to become farming entrepreneurs.
Speaking on insurance as a vehicle for Agricultural development, Coker said the insurance industry is not giving farmers the necessary support for agricultural development.
He urged the insurance practitioners to partner with farmers so that more farmers could purchase agricultural insurance policies.
“There are over 50,000 farmers in the country, but less than one per cent are insurance compliance,’’ Coker said.
However, he pleaded with insurance companies to support farmers with Insurance Bond guarantee to enable the farmers access quick and cheap loans.
The theme of the conference is: “Expanding National Resources and Infrastructure in Challenging Times.
NAN
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