NGO secures N10 bn loan for young farmers from FCMB
United Young Farmers Forum (UYFF) has secured a loan of N10 billion from First City Monument Bank (FCMB) to empower 10,000 young farmers in the country.
President of the association, Mr Orimadegun Wilson, told the News Agency of Nigeria (NAN) on Sunday in Abuja that a pilot phase of the scheme with farmers fron the from the North West and North East geo politicaal zones during this farming season..
Wilson, who said the loan was derived from FCMB, said the pilot phase was started from the two regions because theof the enthusiasm shown by the prospective participants in the region.
He added that 75 per cent of the loan guarantee would be covered by Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), while 25 per cent of the risk would be borne by UYFF.
According to him, beneficiaries are expected to deposit one per cent of whatever was collected to NIRSAL to serve as collateral, adding that the repayment period was one year from the time the beneficiary’s crops mature.
He also said that the organisation will make a presentation on Bio Organic fertilizer at a joint Federal Government of Nigeria and International Fund for Agricultural Development (IFAD) mission from May 1 to May 12.
He said that the presentation, which would hold in Katsina, was in line with the Climate Change Adaptation and Agribusiness Support Programme (CASP).
“UYFF, a Non Governmental Organisation (NGO) is a coalition of young farmers in Nigeria, focused on building the capacity of young people interested in agribusiness.
“We believe agribusiness is the future for Nigeria, our vision is to create a new generation of farmers who will create wealth, jobs and ensure food and nutrition security in Nigeria.’’
Wilson also said that the organisation was in partnership with other organisations to build the capacity of the youth in Nigeria.