8th October, 2015
Jethro Ibileke/Asaba
Delta State Governor, Dr Ifeanyi Okowa has challenged financial institutions to introduce robust credit policies on agriculture with a view to making the diversification of Nigerian economy a reality.
The governor made the call on Wednesday in Asaba, during the inauguration of the Production and Processing Support Programme (PPSP), under the job and wealth creation scheme of his administration.
According to the governor, “Despite the acknowledgement that agriculture plays a crucial role in driving economic development, inadequate funding has, inexplicably, continued to be recurring decimal as the bulk of our small-scale farmers regrettably do not have access to credit finance and are therefore unable to invest in basic farming inputs such as implements, seedlings and fertilizers.”
He noted that farm yields have remained abysmally low “due to challenges of financing, leading to widespread poverty and stunted economic growth,” for which he said “our financial institutions must rise up to the challenge of agricultural financing if we are serious about economic diversification and self-reliance.
“The banking sector must come up with robust credit policies in agriculture that will address credit turnaround time, the recruitment and training of specialist bankers who understand the dynamics of agriculture and agribusiness, especially the fact that they are time and season bound,” he added.
The Governor observed that Delta State has not tapped the abundant natural resources, very favourable climatic condition, vast arable land and fertile soil in agribusiness for economic growth, employment creation, import substitution and sustainable development.
He also disclosed that the PPSP was conceived “to help overcome the problems of resource scarcity, poor technology and infrastructure deficit.”
He added that his administration is determined to ensure that Delta State is not only able to feed herself but feed the nation as well.
“We will be failing ourselves and the generation coming after us if we are unable to harness the abundant natural resources God has blessed us with and convert it to prosperity for our people,” he observed.
The Governor who charged the first set of beneficiaries of the PPSP to apply themselves diligently to their business, noted that the fortunes of many other people and small-scale businesses are inextricably tied to their success in their business.
Earlier, the Chief Job Creation Officer in the state, Prof. Eric Eboh, had in an address said the PPSP would facilitate the inputs, equipment, technologies, microcredit and technical assistance to farmers, agroprocessors and agricultural value chain operators to increase outputs, productivity and incomes, “thereby creating jobs and wealth, towards prosperity for all Deltans.”
High point of the occasion was the presentation of cheques ranging from N2 million to cooperative societies, and presentation of tractors and other farm implements to beneficiaries.
About 25 tractors and implements were distributed to farmers and about N30 million to cooperative societies at the event.