Oyo State Government has provided a N1 billion loan facility to the Oyo State Agricultural Credit Corporation for farmers across the state. The single-digit interest loan facility would ensure more access at reasonable interest rates for farmers to expand their business and attract potential investors into the farming value chain.

Speaking during a media briefing at the Ministry of Information and Civic Orientation Film Theatre in Ibadan, the Executive Chairman, Oyo State Agricultural Credit Corporation, Taofeek Akeugbagold, said the administration was committed to reforming the farming sector with notable programmes, like the Sustainable Action for Economic Recovery (SAfER), among others.

He said this will ensure food security and cushion the effect of removal of fuel subsidy by the Federal Government. He said the loan facility would focus on the small holder farmers, who bear the burden of feeding the teeming population.

“His Excellency, the Governor of Oyo State, Seyi Makinde, has graciously approved the release of N1 billion under the Sustainable Actions for Economic Recovery (SAFER) Programme, which is to be disbursed to farmers in all the 33 councils of the state so as to improve food security in the state”, he said.

In his remarks, the General Manager, Agric credit corporation, Mr. Emmanuel Ogundiran, said: “The Oyo State Government has recapitalised the corporation, we have received some funds and one of the mandates of the corporation is financing the agric value chain completely.’’

On whether individual farmers, who are not registered with associations, could apply for the loan, the General Manager answered in the affirmative, stating: “In fact, we do not intend to give loan to the association. We are giving to individual farmers.’’