The Minister of Agriculture and Rural Development, Dr Mohammad Mahmood Abubakar has revealed that the Federal Government had provided N5Billion Loan Facility to Bank of Agriculture, (BoA), for livestock farmers across the country. The Loan Facility would ensure more access at reasonable interest rates for farmers to expand their business and attract potential Investors into the Livestock Value Chain.
Speaking during a media briefing at the Ministry’s Conference Room in Abuja, recently, the Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar said that the Present Administration was committed to reforming the livestock Sector with notable programmes like the National Livestock Transformation Plan, (NLTP) and Livestock Productivity Resilience and Support Plan, (LPRESP), among others.
Abubakar revealed that ‘’the N5 billion in the Bank of Agriculture was part of recapitalization that would be given out to livestock herders. The bank is being recapitalized and so more money will be coming to the bank.”
On whether individuals farmers, who are not registered members of associations could apply for the loan, the Managing Director answered in the affirmative stating:
“In fact, we do not intend to give loan to the association, we are giving their members. All that the association has to do is to introduce their members’’
Reacting to this development, the National President, Miyetti Allah Cattle Breeders Association, MACBAN, Baba Usman Ngelzarma lauded Federal Government for the loan facility as an important intervention for the livestock Value Chain
