Obasanjo Urges Single-Digit Interest Rates On Agricultural Loans For Nigerian Youths

October 22, 2023
Corruption: Obasanjo Urges Christians To Engage In Politics

A former Nigerian President, Chief Olusegun Obasanjo, has called on the federal government to lower interest rates on agricultural loans to a single-digit percentage, stressing the importance of this move to transform the agribusiness sector.

Speaking at the launch of the “Youths in Agribusiness” project in Abuja, with the theme, ‘Enabling Scaling of Innovative Technologies for Sustainable Food Solutions,’ Obasanjo highlighted the challenges young entrepreneurs face when borrowing at high interest rates.

Join our WhatsApp Channel

He emphasized, “I believe any interest that is more than single digit is not good enough for agriculture.”

Obasanjo commended agricultural stakeholders for their efforts in providing quality seeds and knowledge to boost productivity in agribusiness but urged the government to make finance more accessible to the youth in agriculture.

He emphasized the significance of food production, security, and nutritional well-being for Nigeria, as well as the need to create jobs for the country’s large youth population.

Netherlands’ Ambassador to Nigeria, Wouter Plomp, also expressed support for youth in agribusiness, announcing a three-year initiative to empower 8000 young agripreneurs and combat food insecurity.

The program aims to provide financial access and connect young agripreneurs with local and international markets, not only for food security but also to position Nigeria as a leader in global agricultural innovation.

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, emphasized the importance of water utilization in ensuring food security as part of the 2023 World Food Day campaign.

The project seeks to create opportunities that will safeguard livelihoods and reduce food insecurity in Nigeria, a critical endeavor for the nation’s agricultural future.

emmmmmm
+ posts

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

Emmanuel Ochayi

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

Nigerian Senate Pushes For Diaspora Voting, Unbundling INEC
Previous Story

Nigerian Senate Pushes For Diaspora Voting, Unbundling INEC

SERAP Sues 36 State Govs, Demands Transparency On N72bn Palliative Spending
Next Story

SERAP Asks Court To Stop Purchase Of N57.6bn SUVs For Nigerian Lawmakers

Latest from Business

Nigerian Senate Pushes For Diaspora Voting, Unbundling INEC
Previous Story

Nigerian Senate Pushes For Diaspora Voting, Unbundling INEC

SERAP Sues 36 State Govs, Demands Transparency On N72bn Palliative Spending
Next Story

SERAP Asks Court To Stop Purchase Of N57.6bn SUVs For Nigerian Lawmakers

Don't Miss

Buhari, Tinubu Meet Sultan, Demand To 'Win All Elections'

Buhari, Tinubu Meet Sultan, Demand To ‘Win All Elections’

16 days ahead of 2023 elections, President Muhammadu Buhari and
DCP Abba Kyari

Police Commission Suspends Abba Kyari

DCP Abba Kyari The Police Service Commission (PSC) has suspended