LAPO Microfinance Bank (MfB) Limited, has disbursed over N20 billion as agric loan to micro and small enterprises engaged in livestock, arable and tree crops farming, as part of efforts encouraging federal government’s diversification plan.
Managing Director, Lapo MfB, Mr. Godwin Ehigiamusoe, stated this at a Forum, where he revealed that the bank has so far disbursed N455.5 billion to owners of micro and small enterprises and currently serves a customer base of 2.3 million in 28 states in addition to the FCT.
According to Ehigiamusoe, “at Lapo, we have over the years made our strong commitment to funding of activities in the rural economy within our institutional mandate of poverty alleviation. We provided N20.7billion as agricultural loans to micro and small enterprises engaged in livestock, arable and tree crops farming.
“The current slump in oil price and consequent dip in national revenue has brought to the fore the danger of over-dependence on a single national income stream. Agricultural development is certainly the most viable path to diversification of the economy.
Agriculture had played a vital role in the economic development of Nigeria pre and immediate post- independence era. The then regional governments initiated various schemes and programme to ensure self-sufficiency in food production and cash crops for export,” he said.