Vice President Yemi Osinbajo has said that sustainable agriculture has a key role to play in alleviating global poverty as it can create wealth for 1.2 billion poor people worldwide. The Vice President disclosed at the 3rd Nigeria Inclusive Finance Conference of 2017 with the theme: “Incremental Financing Options for Agribusiness in Africa: Solutions to Worldwide security” held recently in Abuja.
The vice president also hailed the Association of Non-Bank Microfinance Institutions of Nigeria (ANMFIN) for their support to agroprenuers in Nigeria, and for organising the conference adding that their assistance to farmers is coming at a time the federal government is speeding up diversification of the economy. Represented by Olukayode Pitan, managing director, Bank of Industry, the vice president said “the efforts of the association in enhancing the funding opportunities for agroprenuers within the agricultural value chain in Nigeria, shows an awareness of both the challenges as well as an appreciation of the sector’s importance in enhancing an inclusive economic development in the country”
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According to World Bank Statistics, there are 1.2billion extremely poor people in the world, many of whom are found in Africa and Asia. Osinbajo pointed out that “in Nigeria, the estimate of people living below the poverty line is currently put at 67 per cent. Most of whom reside in the rural area, and largely practice subsistence farming. These alarming statistics have not gone unnoticed by the National government and development agencies on how to renew the fight against poverty”.The elimination of poverty globally will not be possible, except through sustainable agricultural programmes. It is more effective in raising income for the poor, he adds.
In Nigeria today, Agriculture contributes up to 25 per cent to the GDP and contributes about 30 per cent of job creation. Its importance to national growth and development is even noticed more in the Economic Recovery and Growth Plan as one of the key priority areas that would spur economic growth” Osinbajo added. In her earlier remarks, Adeshola Ogunleye, president of AMFIN said “Having operated for about 7 years resulting in the affiliation of over 4000 MFIs to the AMFIN’s network serving over 4.5 million clientele ANMFIN is ready to take the quantum leap in establishing a funding project that will serve the network and the micro-finance institution sector in general.”
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She said: “The fund entitled Farmer to Finance Mutual Fund is founded on the concept of financial engineering and impact investing in which about 500 to 1,000 AMFIN members will be required to pay in a 10-15percent sum of their expected loan of five to ten million nairas to the fund, while the fund will be leveraged with a bank, and impact investors, government agencies and development finance Institutions will be marketed to investors in the fund.”
HARRISON EDEH, ABUJA
