14 August 2017

Nigeria: Lower Your Interest Rates for Farmers - Obasanjo to Banks

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(file photo).

A former president, Olusegun Obasanjo has urged commercial banks to lower their interest rates to enable farmers access loans for improved agricultural production.

Obasanjo made the call at the opening ceremony of the 2017 Niger State Investment Summit held at the Justice Idris Legbo Kutigi Conference Centre, Minna.

According to him, doing agriculture and charging the rate of interest in double digit is to promote failure.

"The interest rate of banks in Nigeria is one of the obstacles that are affecting our farmers.

"They are not able to pay banks after taking loans and at the same time still able to run their agriculture business successfully," he said.

News Agency of Nigeria (NAN) reports that the summit's theme: "Advancing Agricultural Economy through Innovation and Truly Niger," was organised to attract investors in various fields to boost the state economy.

The summit attracted experts, industrialists, manufacturers as well as governors across the country.

The former Nigeria leader described agriculture as 'a renewable business' that could create jobs and catapult the nation to economic prosperity.

He said paucity of funds and high interest rates were part of factors responsible for the under-development of the nation's agricultural sector.

The former president, however, advised the Niger Government to take advantage of the arable land to attract investors to embark on commercial farming in the state.

He urged the state government to create employment and market through agriculture because of its proximity to Abuja.

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