BoI: Financial Expert tasks FG on low interest loans for farmers

A Financial Expect, Mr Moshood Adeyemi, on Thursday urged the Federal Government to strengthen the Bank of Industry (BoI) to provide low interest loans that would be easily accessible to farmers. According to him, this will boost agricultural sufficiency.

Adeyemi, a Chartered Accountant and Tax Manager, in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday commended the government for its initiatives to boost the agricultural sector.

Adeyemi, Founder of 2FM Global Resources and Chairman, Human Rights Violation Watch, Lagos branch, listed some of the initiatives to include tradermoni, farmermoni and marketmoni.

According to him, these have so far impacted positively on the lives of the people but are not enough to make sufficient food available to citizens.

“If low interest loans are given to farmers for the purchase of farm supplements such as  fertiliser, seeds and  machines, it would go a long way in boosting agriculture which is a critical sector in the economy.

“More importantly, government also needs to return to the market chain in charge of buying  and providing  finished farm produce to the end users; this will reduce much burden on the farmers,” he said.

The chartered accountant  suggested that government puts measures including palliatives, tax waivers and infrastructural development in place for individuals and corporate bodies

He also suggested the provision of farm loss insurance cover scheme to encourage and motivate farmers to overcome the recession.

“Many people have lost their jobs as a result of the global COVID-19  pandemic and it has caused the Gross Domestic Product and Per Capital Income to be on continuous decline,” he  said.

Adeyemi lauded the reopening of land boarders, describing it as a good measure needed to be taken to aid  quick recovery from the recession presently being experienced in  the country. (NAN)