Poor access to finance halts agribusiness success in Nigeria

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Lack of access to finance in the value chain in agriculture was described as a serious obstacle that stopped agricultural business and productivity in Nigeria.

This was revealed at the end of a 5-day training workshop for agricultural value chain producers in Kano, organized by the Nigeria Risk Distribution System for Agricultural Lending (NIRSAL).

Briefing journalists at the end of the seminar, coordinator for the coordination zones of NIRSAL, responsible for the states of Jigawa, Kaduna, Kano and Katsin, Alhaji Babagan Mustafa, said that the essence of the seminar was to attract players, especially farmers, to adopt a new trend in agribusiness as a measure of increasing their incomes as farmers by increasing their productivity levels.

“We are optimistic that if the knowledge and new strategies that we study them are properly applied, it will increase their production level, improve their profitability, ensure food security and reduce unemployment in the country,” he said.

Similarly, the chairman of the National Association of Microfinance Banks, the head of Kano Abdullahi Isa Nababa, who is also one of the participants, suggested that for efficient use and allocation of funds, agrofinance should be channeled through microfinance banks in order to be closer to farmers.

The majority of the workshop participants noted that lenders are unwilling to lend to borrowers in this sector due to perceived risk and the lack of appropriate financial products in this sector. However, they suggested that, in order to solve this problem, lenders and borrowers should cooperate by developing appropriate financial products that meet the financial needs of the actors in the value chain of agricultural products.

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