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

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.

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.