The Niger State Government plans to establish a state-owned cooperative bank for agriculture, aiming to provide smallholder farmers with easier access to soft loans. Here’s what’s known about the initiative hi:
– Seed Capital: The state government will provide N2 billion as seed capital to kick-start the bank’s operations.
– Objective: The bank will operate as a microfinance bank, offering loans to agricultural cooperatives and reducing high interest rates charged by commercial banks.
– Target Beneficiaries: Smallholder farmers, particularly women, will benefit from the bank’s services, with a pilot scheme planned to engage 2 million women in agriculture by 2026.
– Additional Support: The scheme will provide beneficiaries with goats, sheep, birds, and crop seedlings, along with other farming inputs and extension services to boost productivity.
– Agricultural Revolution Policy: The initiative is part of the state government’s agricultural revolution policy, aimed at creating jobs, increasing farm yields, and improving the financial status of residents.
Governor Mohammed Umaru Bago emphasized the significance of agriculture to Niger State’s economy, highlighting the sector’s contribution to the state’s revenue and employment opportunities. The government plans to collaborate with relevant stakeholders from the federal government and private sectors to ensure the initiative’s success.
