LAPO commits N19.9bn to agric investments in 2021
The management of Lift Above Poverty Organization (LAPO), says it committed the sum of N19.9billion to boost agricultural investment of clients through the LAPO Rural Development Initiative (LARDI) in the 2021 financial year.
Honestus Obadiora, the executive director of the organization made the disclose this in Benin City during the LAPO annual media forum.
Obadiora said the figure represents 64 per cent growth over the N12.2 billion disbursed in 2020.
He explained that the rural development initiative empowers economically active clients with loan products including farming and enterprise development service.
He added that the institution has 226,858 clients in 283 branches in 2021 representing 12 percent as against 253 branches in 2020 in 21 states.
“We are committed to ensuring that farmers and enterprise developers have loans to run and improve their businesses. That is why we made a N19.9 billion loan available to our clients in 2021 through the LAPO Rural Development Initiative”, he said.
Obadiora, who attributed the organisation’s outstanding performance over the years to strong institution, staff commitment to excellence and hard work, assured that it was ready to maintain its superior performance trajectory.
He, however, enjoined low-income farmers and small business owners to take advantage of the affordable loan opportunity offered by LAPO to enhance the growth and development of their farms and business enterprises.
He further disclosed that LARDI loan portfolio increased to N9.6billion in 2021 representing 35 percent as against N7.1billion in 2020 while clients and borrowers rose to 226,858 representing 49 percent in 2021 as against 152,446 in 2020 and 183,478 representing 69 percent in 2021 as against 108,428 in 2020 respectively.
The LAPO director added that the clients savings mobilization was N3,587,921,786 representing 48 percent in 2021 as against N2, 423,704,970 million in 2020 while the savings balance was N3,900,997,301 million representing 36 percent in 2021 as against N2,860,316,496million in 2020.
He noted that the organisation is committed to poverty alleviation and agricultural development in the country.