Wheat Farmers Secure N50 Million Loan in Kano

The Wheat Farmers Association of Nigeria (WFAN) in Kano State has secured a N50 million loan from the State Government to assist farmers store their produce after harvest in a secured warehouse.

The Chairman of the Wheat Farmers Association of Nigeria, Alhaji Faruk Rabi’u, who revealed this on Wednesday in an interview in Kano state, said that the association had introduced the “Warehousing Finance Receipt Programme” to ensure safety of produce at the end of the farming season.

He said that the idea is to discourage farmers from selling their produce at a giveaway prices after harvest. Noting that when there is bumper harvest, middlemen buy and hoard the product and later sell it at exorbitant prices which is at the detriment of the farmers.

He believes that the introduction of the warehousing receipt programme, farmers would keep their products safely until when the commodity appreciates.

According to him, if any member requires money during the period his product is stored in the warehoused, the association would offer them an interest-free loan from the N50 million, to repay after selling the produce.

Rabi’u said that under the programme, farmers would get 30 per cent value of their products as loan and would be made to pay a token for storing their commodity in the warehouse.

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.

Source: Today Newspapers 

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