Home Agriculture BOA disburses N1.5 bn to 8,494 farmers in Bauchi

BOA disburses N1.5 bn to 8,494 farmers in Bauchi

by Business News Report

The Bank of Agriculture (BOA) yesterday said that it had disbursed more than N1.5 billion loan to 8,494 famers in Bauchi State from 2001 to date. The Head of Loans Department in the bank, Malam Aliyu Maman, disclosed this in in Bauchi.

Maman said that more than N1 billion was disbursed as micro loans to 7,952 clients, N16.68 million short-term loans to nine clients and N1.81 million medium-term loans to 86 clients. He said that N250 million was also disbursed under the bank’s on-lending programme to Bauchi State Co-operative Financing Agency, and N49 million to 446 other clients, in collaboration with third parties. The official said the loans were disbursed through the bank’s outlets in Bauchi, Dass, Azare, Jama’are and Shira Local Government areas, to enhance the development of agriculture in the state and the country at large.

According to him, the bank has developed new programmes tagged Youth Agribusiness Revolution in Nigeria (YARN) to cater for vulnerable youths, and Grow and Earn More (GEM) for women.

Maman said that under the programmes, a maximum of N1 million could be accessed per individual or group without providing any collateral. According to him, all that would be required from the beneficiaries are two reliable guarantors.

“One million naira is a quantum of loan that requires collateral, but these are special loans designed specifically for vulnerable youths and women who may not be able to provide any collateral. Therefore, states and local governments can harness the YARN and GEM windows to empower vulnerable youths and women farmers,“ Maman said.

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