How Finance Can Help Smallholder Farmer Improve Yield, Over the years, lack of finance has remained one of the major factors bedeviling the country’s agricultural sector and this impediment has continued to prevent farmers from investing in basic inputs, such as quality seeds, fertilizers and small-scale irrigation facilities among others needed to raise productivity and generate sustainable income.
But all that is fast changing owing to the new league of proxy farmers in the country.
“Despite contributing about 30percent to Nigeria’s GDP and 70percent to the country’s labour force, most farmers in Nigeria are still entangle in poverty, a problem that basically stems from a lack of funds to access modern farm inputs, which in turn drastically reduces their output,” Jerry Oche, CEO, Growsel said in a statement.
“To change this for farmers and ensure they have the required finance to expand their production areas and boost productivity, we create a meeting point for farmers and farm sponsors who are willing to invest,” Oche said.
According to experts, such financing models to farmers will increase private capital investment in the country’s primary agriculture and integrate poorer sections of the population into a sustainable process of economic growth and development.
In turn, this will reduce poverty by providing jobs directly and indirectly that will serve as a stimulus to the Nigerian economy and agricultural sector.