In a bid to further grow the agricultural sector, United Young Farmers Forum (UYFF) has secured a loan of N10 billion from First City Monument Bank (FCMB) to empower 10,000 young farmers in the country.
President of the association, Mr Orimadegun Wilson, told news men in Abuja that a pilot phase of the scheme will be with farmers from the North West and North East geo political zones during this farming season.
Wilson, who said the loan was derived from FCMB, said the pilot phase was started from the two regions because of the enthusiasm shown by the prospective participants in the region.
He disclosed that 75 per cent of the loan guarantee would be covered by Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), while 25 per cent of the risk would be borne by UYFF.
According to him, beneficiaries are expected to deposit one per cent of whatever was collected to NIRSAL to serve as collateral, adding that the repayment period was one year from the time the beneficiary’s crops mature.
Orimadegu further said that the organisation would make a presentation on Bio Organic fertilizer at a joint Federal Government of Nigeria and International Fund for Agricultural Development (IFAD) mission from May 1 to May 12.
The presentation, according to him, would hold in Katsina, and would be in line with the Climate Change Adaptation and Agribusiness Support Programme (CASP).
“UYFF, a Non-Governmental Organisation (NGO) is a coalition of young farmers in Nigeria, focused on building the capacity of young people interested in agribusiness.
“We believe agribusiness is the future for Nigeria, our vision is to create a new generation of farmers who will create wealth, jobs and ensure food and nutrition security in Nigeria,’’ the president of the association concluded.