The Oyo State government has taken a significant step to ease the guarantor requirements for farmers seeking loans under the Sustainable Action for Economic Recovery (SAfER) and Agricultural Credit Corporation of Oyo State (ACCOS) scheme.
This move aims to increase access to agricultural loan schemes for farmers in the state.
According to Taofeek Akeugbagold, Chairman of ACCOS, Governor Seyi Makinde has approved the inclusion of executives of farmers’ groups as guarantors for interested farmers.
This development aligns with Governor Makinde’s commitment to supporting the agricultural sector in the state.
Previously, farmers faced challenges accessing the N1 billion agricultural loan due to bureaucratic bottlenecks requiring civil servants as guarantors. The new approval removes this hurdle, allowing executive members of registered farmers’ associations to stand as guarantors seamlessly.
Akeugbagold emphasized that this change benefits farmers without connections to civil servants. The revised guarantor requirements will enhance farm productivity and food security in the state and country at large.
Tunde Oladejo, Coordinating Director of ACCOS, urged previous beneficiaries of the SAfER/ACCOS loan to repay their loans promptly.
Timely repayment ensures the sustainability of the loan scheme and allows other farmers to benefit.
The meeting was attended by notable stakeholders, including Omikunle Omidokun, Chairman of the Poultry Association of Nigeria, Oyo State Chapter; Muniru Oladayo, Vice Chairman of the All Farmers Association of Nigeria, Oyo State Chapter; and Basir Adesoyan, Chairman of the Nigerian Cassava Growers Association, Oyo State Chapter.
This development demonstrates the Oyo State government’s commitment to supporting the agricultural sector.
By simplifying loan requirements, farmers can access necessary funds to enhance productivity and contribute to food security.
The revised guarantor requirements will have several key benefits. More farmers will be able to access agricultural loan schemes, reducing bureaucracy and enhancing productivity. This, in turn, will contribute to increased food security in the state and country.
The Oyo State government’s initiative aligns with its pledges to subsidize farm land cutting and enhance food security.
The Agricultural Credit Corporation of Oyo State (ACCOS) is dedicated to financing peasant farmers through soft loans.
With this simplified process, farmers in Oyo State can now access loans more easily, paving the way for increased agricultural productivity and economic growth.
The state government’s efforts to support the agricultural sector are expected to have a positive impact on the local economy and food security.
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