Nigerian farmers refuse to repay N60 billion loan – Bank of Agriculture

Farmers [Photo Credit: The Guardian Nigeria]
Farmers used to illustrate the story [Photo Credit: The Guardian Nigeria]

The Bank of Agriculture (BoA) said on Wednesday in Lagos that it was on a recovery mission of disbursed funds to farmers, totalling over N60 billion.

BoA’s Managing Director, Mohammed Kabir, gave the figure at a workshop organised by the Agege Branch of the bank.

The workshop is entitled “Enhancing Wealth Creation Across the Agricultural Value Chains’’.

Mr Kabir, who was represented by the Zonal Manager South-West, Idiat Folorunsho, said the bank was currently committed to grant funds to youths who were ready to delve into agriculture.

“The bank is on a recovery mission currently because we have about N60 billion outside, disbursed to farmers who have refused to pay back.

“If a farmer collects money and refuses to pay back, how will the bank be able to fund others who wish to collect money for their agricultural projects to further drive the economy.

“We are planning to open more branches that will be befitting of the bank’s status; but how do we do that when the huge amount is outside.

“Some farmers will collect these monies and we will not be able to get them because they will change their addresses and all that; it’s sad.

“The situation is very commendable here in the South-West,’’ he said.

Mr Kabir said that the trend was only common with men, adding that women were always prompt in paying back.

He said that other local government areas should emulate the Kosofe Local Government of Lagos State that provided the bank with office accommodation and land for a permanent structure.

The workshop was attended by over 250 participants, including representatives of the ministries of Commerce, Industry and Cooperatives, Agriculture and others.



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