Ex-SPDC manager wants lower interest rate on farmers’ loans

Emiaso, a former Manager, Agric Extension, Shell Petroleum Development Company (SPDC), made the call in Warri, while speaking with newsmen on the challenges facing the nation’s farmers.

Emiaso, who specialised in fishery farming, said that interest rates on loans given to farmers should not be more than five per cent so as to encourage them and boost agricultural production.

“Government should make regulations that will compel the Bank of Agriculture and other banks to give loans to farmers at low interest rates.

‘‘I don’t see any reason why loan interest rates should be high; the interest rate should be to the barest minimum so as to encourage farmers.

‘‘If government can compel banks to comply with the policy on Bank Verification Number (BVN), it can also make the banks to comply with a particular interest rate on agricultural loans.

‘‘The minimum interest rate on the loans should be five per cent, it will encourage farmers to work hard, pay back the loans quickly and also expand,’’ he said.

Besides, Emiaso appealed to banks and other financial institutions to sponsor seasoned farmers for specialised training, adding that the trained farmers would, in turn, be able to train others.

‘‘If we want to have a better economy and project ourselves as a nation, banks should send their marketers out to market agriculture.

‘‘There are existing and seasoned farmers, banks can partner with them, train and get them well established; then, our economy will begin to grow.

‘‘There is no sense in banks looking for only constructions or contractors to fund.

‘‘I think the banks need to do more than that, they should not be involved in only buying and selling businesses; they should also strive to fund agricultural projects,’’ he said.

Emiaso said that Nigeria had one of the most favourable geographical conditions in the world, adding that the potential of these conditions should be harnessed to boost the country’s agricultural development. (NAN)