Former President Olusegun Obasanjo has said that a single digit interest rate on agricultural loans will help transform the agribusiness in the country.
Obasanjo who said this at the launch of Youths in Agribusiness project at the weekend in Abuja, said that interest rate of less than 10 per cent would empower youths to go to the bank to borrow money for agriculture.
Speaking on the theme of the event: “Enabling Scaling of Innovative Technologies for Sustainable Food Solutions,” the former President urged the Federal Government to fashion out a way that will make it easy for youth to access finance at the right rate.
“I believe any interest that is more than single digit is not good enough for agriculture.”
OBJ as he is fondly called noted that agricultural stakeholders have done tremendous work in providing the right seed, hybrid seed, high yielding seed and knowledge that can be used to transform the agribusiness sector.
“But we need more of these scientific and technological products in the farmers’ hands so that farmers can be better on what they get in terms of yields,” he said.
He said that food production, food security and nutritional security were very important in Nigeria and there was also a need to create jobs for the teeming population of youth in the country.
On his part, Wouter Plomp, Netherlands Ambassador to Nigeria said the Youth Agribusiness Programme would be a three-year initiative inspired by Nigerian tenacity and a sprinkle of Dutch innovation to support 8000 young agri-preneurs.
He said the goal was to combat food insecurity by empowering youths to get access to finance and connect young agri-preneurs with local and international markets.
According to him, the aim is not only to ensure Nigeria’s food security, but also place the nation at the forefront of global agricultural innovation.
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said the 2023 World Food Day campaign took water action for food by encouraging its wise utilisation to ensure stability in food security.
The minister, who was represented by Engr. Adegbenro Adebiyi, Director Agribusiness and Market Development, said the aim of the project was to provide opportunities that would save and restore livelihoods and reduce food insecurity in the country.
