The Bank of Agriculture (BOA) has disbursed loans worth over N9.6 billion to women and youth in the past 16 years, BusinessDay has been told. Auta Bulus Jamaka, assistant general manager at BOA disclosed to BusinessDay in an exclusive interview, that about 68,000 women and youth enterprises have so far benefited from the loans.
According to Jamaka, “the loans were given between 2001 and 2016 to about 68,000 women and youth enterprises and are valued at over N9.6 billion.”
Jamaka also disclosed that about N291 million was likewise disbursed to 3,300 women in13 states, through their ministries of Women Affairs.
He said the loans were strictly for women throughout the fed- eration but that only 13 states applied for them.
He further added,”we sent messages to all the Women Affairs Ministries to assess the loans for women in their various states and only 13 states applied. Each woman was given the sum of N250,00 micro loan to help them establish or expand their agric undertakings.
“We started giving out this loan since 2004, it helps women to start their own business”, he stated.
He said that the bank is work- ing with industries and also discussing with banks on how to grow agriculture in the country.
Jamaka also said that pres- ently there is provision for a N1million loan for farmers without security, and that all that is required is a guarantee. This, he said comes under the bank’s, ‘Grow and Earn More’ (GEM) programme.
According to him, under the Nigerian Agricultural Coop- erative And Rural Development Bank (NACRDB) Loan Scheme, the institution is mandated to provide low cost credit to small holder and commercial farmers, and small and medium rural enterprises.
It also provides micro financing to small and medium scale non-agriculture enterprises. “The aim is to ensure effective delivery of agricultural and rural finance services on a sustain- able basis to support the na- tional economic developmental agenda, less dependency on im- ported food items, and increase in foreign exchange earnings.
He further explained that the Bank of Agriculture credit func- tions are activated at the level of direct lending, on lending, collaboration and monitoring of credit. “The essence of the loan is to strengthen the farmer and arti- san’s production and managerial ability and economic empower- ment.
