Organisation disburses N5.56bn loans to rural farmers, SMEs in 4 months

The Lift Above Poverty Organisation (LAPO) says it has disbursed N5.56 billion as loans to rural farmers and Medium Scale Enterprises (SMEs) between January and April this year.
A statement by Mr Wisdom Abhulimen, Head of Advocacy and Communications of the organisation, said it was parts of the LAPO stakeholders reports for May 2021.
The statement was made available to the News Agency of Nigeria (NAN) on Friday in Benin.
The report stated that the loans were disbursed under the LAPO Agricultural Rural Development Initiative (LARDI) to improve the rural economy and livelihood of clients.
It said the organisation was determined to improve the nation’s food security profile through financial support.
“The establishment of the LARDI in May 2007 was prompted by the need to address the decline in agricultural productivity in a holistic and realistic manner toward ensuring food security.
“LARDI improves the quality of life of rural dwellers through committed support for farming activities intended to energise the rural economy and provision of infrastructural development.
“Rural farmers are empowered with capacity-building, affordable credit and savings products to enable them to develop and expand their agro-based enterprises,” it stated.
LAPO ascribed the outstanding performance of the loan scheme to strong institutional strength, staff commitment to excellence and hard work.
The organisation urged farmers and SMEs to take advantage of its flexible and affordable credit facilities to enhance the growth and development of their businesses.