Only genuine farmers would benefit from the loan.
The Mainstreet Bank of Nigeria Plc said on Thursday that it had approved N520 million to support genuine farmers in developing plantations across Nigeria.
Jumoke Odutola, a regional manager of the bank, made this known at a meeting with members of the Nigeria Association of Cooperative Organisation, NACO, in Lagos.
Ms. Odutola said it was the bank’s way of the supporting the collaboration between the Federal Government and the private sector to empower farmers and develop the agriculture sector.
Speaking to the News Agency of Nigeria after the meeting, Sola Adepomola, the Coordinator of the Lagos State chapter of the NACO, urged Nigerians to embrace agriculture.
Mr. Adepomola said that only genuine farmers who were members of cooperative societies would benefit from the loan facility.
“We are appealing to farmers to please return to the farms because only real farmers on the farms would access the loan,” he said.
“The bank has approved the loan to be disbursed to farmers to support our efforts, so it is not money to be shared to political and unserious farmers.
“This N520 million is coming to us at the right time because farming and farmers are going through a developmental process.”
According to Mr. Adepomola, the bank will commence inspection of plantations soon.
Representatives from the Federal Ministry of Agriculture and Rural Development, Mainstreet Bank, and members of NACO attended the meeting.