The Wheat Farmers Association of Nigeria (WFAN) in Kano State has secured a N50 million loan from the State Government, its Chairman, Alhaji Faruk Rabi’u, said on Wednesday.
Rabi’u said that the loan would be used to assist the farmers warehouse their produce after harvest.
The chairman told the News Agency of Nigeria (NAN) in an interview in Kano that the assiciation had introduced the ` Warehousing Finance Receipt Programme’, to ensure safety of produce at the end of the season.
Rabi’u said farmers who need money during the period would be given interest-free loan from the N50 million.
“The idea is to discourage farmers from selling their produce at a give away prices after harvest.
“When there is bumper harvest, middlemen buy and hoard the product and later sell it at exorbitant prices which is to the detriment of farmers.”
He believed that the introduction of the warehousing receipt programme, farmers would keep their products safely until when the commodity appreciated.
According to him, if any member requires money during the period his product is warehoused, the association would offer them the interest-free loan, to repay after selling the produce.
Rabi’u said under the programme, farmers would get 30 per cent value of their products as loan and would be made to pay a token for warehousing their commodity.
The chairman disclosed that the association had set up a committee to recover the loan disbursed to its members under the CBN anchor borrower programme.
“Harvesting has commenced and we have set up a committee for loan recovery which will soon commence its assignment.”
He called on farmers to ensure prompt payment of the loan, to avoid any embarrassment. (NAN)
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