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LAPO invests N12.2bn to boost rural agriculture in 2020

LAPO invests N12.2bn to boost rural agriculture in 2020

The management of Lift Above Poverty Organisation (LAPO) has said it disbursed the sum of N12.2 billion to empower 152,446 rural farmers in the 2020 fiscal year.

Honestus Obadiora, acting executive director of LAPO, made this known on Friday while reviewing the LAPO 2020 performance report in Benin City.

Obadiora, who said the loan disbursement was under the LAPO Rural Development Initiative (LARDI), reiterated the organisation’s commitment to Nigeria’s rural economic and agricultural development.

He said the benefitting farmers cut across the organisation’s 253 branches in 21 states of the federation including the Federal Capital Territory (FCT), Abuja.

The acting ED explained that the 2020 fund paid out represents 12 percent growth against the sum of N10.9 billion disbursed to over 129,637 rural farmers which represented 49 percent expenditures in 2019.

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While noting that the empowerment was geared towards improving rural economy and food security, he added that the portfolio at risk of the loan was N1,328,526,660 representing 18.62 percent.

He attributed LAPO’s outstanding performance over the years to strong institutional strength, staff commitment to excellence, and hard work.

Obadiora also enjoined low-income farmers, rural dwellers and small and medium business owners in the country to take advantage of the affordable loan opportunity offered by LAPO to enhance the growth and development of their enterprises.