Ibom FADAMA Microfinance Bank set for business
… As Agriculture Commissioner, Investments Directorate inspect project site in Uyo
As part of efforts to boost agriculture and encourage investments in agric business, the Akwa Ibom State Government has advanced plans to commence Fadama Microfinance Bank in the State.
This was made known during an inspection visit to the site by the Commissioner for Agriculture – Dr. Glory Edet and the Executive Director, Directorate of Agricultural Investments and Commissioner for Lands and Water Resources – Pastor Umo Eno today.
The microfinance bank which is simply described as the farmer’s bank is part of the sustainability plans of the Third National FADAMA Development Project, jointly sponsored by the World bank, Federal Government of Nigeria and Akwa Ibom State Government.
Similarly, the recommendation of the State Post COVID 19 Economic Reconstruction Committee which among other things, recommended that more attention should be paid to agriculture, industrialization and service as the mainstay of the economy in the post COVID 19 era instead of depending on oil as its main source of revenue, further necessitated expidited action
to ensure the take-off of the microfinance bank and warranted the State Government to facilitate the establishment of the microfinance bank which is in the advanced stage of licensing.
The committee also recommended that rather than give out cash to farmers, Government should give soft loans through a micro finance bank to enable farmers access loans at minimal rates.
The inspection team which took a walk round the facility located off Aka Road, expressed satisfaction at the stage of work and commended the project managers for their commitments.
It is on record that the Governor Udom Emmanuel led Administration has given priority to agriculture, with a target of producing at least 80 percent of food consumed in the state by 2023.
The team also visited the AKS/Kiado Goat Multiplication Center, Ikot Itie Idung in Nsit Atai Local Government Area which is aimed at reducing the importation of meat and other animal proceeds consumed in the state.
Conducting the team round the facility, the Chairman, Technical Committee on Agriculture and Food Sufficiency – Prof. Edet Udoh highlighted major features of the center with the different sections for goats of different stages of growth.
Some of the features of the Center according to him, includes the laboratory, set of pens, offices, staff quarters and the fodder among others.
Also in the inspection team were Mr. Gabriel Nkanang of the Technical Committee on Food Sufficiency, the Head of Department in the Agric Investments Directorate – Mr. Ofonmbuk Nelson and others.
