5,300 Farmers to Get 1.4bn Naira from BoA

In line with the transformation efforts of President Goodluck Jonathan in the area of Small and Medium Enterprise (SME), about 5,300 cassava farmers are to receive N1.4 billion out of the N9.9 billion SME fund from Bank of Agriculture (BoA) to cultivate 11,000 hectares of cassava. Also farmers cultivating 8,000 hectares of cassava have been provided with N1.1 billion.

BoA.jpgWaziri Ahmadu, the Executive Director of Wholesale Finance of BoA revealed this in Abuja at the launch of the 10 per cent composite cassava flour, commissioning and presentation of equipment to master bakers. According to him, approval has been given to the distribution of N200 million to farmers before the end of the week.

Ahmadu said, “Out of the N9.9 billion that the Permanent Secretary had earlier alluded to BoA to support farmers produce cassava on 29,500 hectares. The bank diligently appraised and approved the disbursement to about 5,300 farmers doing about 11,000 hectares of cassava."

“As of today, we have disbursed N1.4 billion and there is another N200 million that has been approved for disbursement before the end of this week. We do our disbursement through a product that the bank runs, called BoA green cash. It is a mobile money service and it is very convenient to the clientele that we serve.

“The money that we are disbursing is to go to pay for land preparation and the supply of inputs for the production of cassava. On average, farmers will only need to pay or repay about 30 per cent of what is being disbursed to them. The rest, about 65 or 70 per cent the minister has kindly approved that it be as grant to farmers.”