In a move to support the agricultural sector and boost food production in Nigeria, Hon. Segun Dokun Odebunmi, a former member of the National Assembly has called on the Federal Government and state governments to take decisive action against farmers who divert loans meant for agricultural purposes.
Speaking with journalists at BV Heritage Farm, Idi Aro, Surulere Local government, Oyo state, Odebunmi who represented Ogo Oluwa/Surulere at the 7th, 8th and 9th Assembly expressed deep concern over the misuse of agricultural loans, which he believes is one of the major factors hindering the country’s potential to achieve food security and become a major exporter of agricultural products.
“It is unacceptable that some farmers are diverting these loans for personal use instead of investing them in their farms,” Odebunmi said. “This practice must be criminalized to ensure that the funds are used for their intended purpose and to drive the growth of the agricultural sector.”
Odebunmi also appealed to the government to mandate commercial banks to provide low-interest loans to farmers, arguing that this would make it easier for them to access the necessary capital to boost their production.
“This is necessary because the virtually all banks are paying lips service to provision of Agric loans and other brilliant ideas that can help the nation to grow her economy, rather they frustrates visions and idea with high interest loan and bureaucratic bottlenecks.
“Nigeria has the potential to feed not only its own population but the entire continent and even beyond,” Odebunmi said. “However, this can only be achieved if we provide the right support and incentives to our farmers, including access to affordable financing.”
“I would like the Minister of Agriculture to collaborate with the governors of different states to secure thousands of hectares of land in each zone of the federation to allocate to serious commercial farmers for cultivation. Additionally, each state should establish an industrial park where numerous investors can invest in various sectors, providing them with access to power and essential amenities to support production
