FADAYEAN Empowers 100 Farmers

In a bid to ensure massive production of food in the country, the Bank of Industry (BOI) has given loans worth N5 Million to 100 farmers, who were given N50, 000 each.

The loan was given to members of the Farmers Advancement and Youth Empowerment Association of Nigeria (FADAYEAN) under a programme called; GEEP through Lagos State Council of Trades Men and Artisan Epe Co-operatives Multipurpose Society Limited (LASCOTAC).

According to the coordinator of the loan, Alhaja Aminat Shade Shabi, the loan is like a test-run, which attracts no interest.

She stated during the distribution of the cheques to beneficiaries at the premises of the Federal Ministry of Agriculture in Oko Oba, Agege, Lagos recently that the money was part of N20 Million fund meant to be given as soft loans to farmers in the state under her authority and that the beneficiaries were the first set of people to access the loan.

She informed the farmers that they would have to repay the loan within 24 weeks at the rate of N2, 200 weekly, adding that the period could only be reduced, but would never be extended.

“This is an opportunity for you to expand your agricultural business. You would have an opportunity to access up to N1 Million naira each if you are faithful with what you are getting today.

“You are lucky because we were given N20 Million by BOI and you are the first set of people to benefit from the money even before the people in Epe area of the state, where our organization is situated,” she said.

The woman, who revealed that the loan was worth it, advised the farmers to organize themselves into groups and do the weekly remittance through their group leaders with proper records before the money is given to the President of the association.

Isaac Oguntoye