The Sokoto State Government has signed a memorandum of understanding (MOU) with the Bank of Agriculture (BOA) which will see the bank disbursing N1 billion loans to farmers in the state.
Under this collaboration, BOA and the Sokoto State Government will pool the funds which will be disbursed to small and medium scale farmers receiving loan sums of about N250, 000 each to individuals across the 23 local governments of the state. About 5,000 farmers in the state are expected to benefit from the venture.
Speaking on the collaboration, Sokoto State Governor, Aliyu Wamakko observed that this collaboration marks his administration’s first direct relationship with the reinvented Bank of Agriculture.
He promised to work with the BOA, leveraging its wide rural network to empower rural farmers in the state by working with the bank to provide financial resources available to them.
Speaking earlier, the BOA Managing Director and Chief Executive, Mohammed K. Santuraki, congratulated the state government for the transformation that has taken place in the state, especially in the area of infrastructural development. Santuraki disclosed that Sokoto State is abundantly blessed with water resources and dams which can be properly harnessed in improving lots of the masses.
The BOA boss commended the state government for the priority accorded to agriculture adding that with the successful take-off of the first phase of the collaboration, it would enable both parties to explore possibility of expanding the scope in order to support more farmers.
Earlier, The bank and the state government signed a memorandum of understanding on the disbursement of N1 billion agricultural loans to dry season farmers.
The Managing Director of BOA, Santuraki signed on behalf of the bank while Sokoto State Agriculture Commissioner, Arzika Tureta signed for the state government. Santuraki said that the loan would be repaid in two years.
Tureta stated that not less than 5,000 farmers will benefit from the gesture under the aegis of genuine farmers cooperative groups across the 23 local governments of the state.