The Cross River State Agricultural and Loan Board has announced plans to introduce agricultural grants, loans and credit guarantee schemes for farmers across the state’s 18 Local Government Areas.
The Chairman of the Board, Sir Toni Ikpeme, disclosed this on Friday during a stakeholders’ engagement on agribusiness financing, agricultural grants and credit guarantees held in Calabar.
Ikpeme said the initiative was aimed at addressing financial challenges confronting farmers and other players across the agricultural value chain, including smallholder farmers, cooperatives, women, youths, agribusinesses, processors and input suppliers.
According to him, many farmers in Cross River have access to land and possess the necessary agricultural knowledge but lack the capital required to cultivate, expand their businesses and access markets.
He said the resuscitation and repositioning of the Agricultural and Loan Board was in line with Governor Bassey Otu’s “People First” agenda, with the objective of ensuring that government funding translates into increased agricultural production, job creation, business growth and improved food security.
The Chairman further disclosed that the Board would commence implementation of its Agricultural Loan Disbursement Framework in the coming weeks, with defined eligibility requirements, financing windows and accountability mechanisms.
Ikpeme also stressed the need for collaboration between government, financial institutions, private investors and development agencies, noting that government alone could not achieve the desired transformation in the agricultural sector.
He said Cross River has the land, people and favourable climate required for agricultural development, but must connect these resources with adequate financing, technology, markets and strategic partnerships.
The Chairman of the Cross River State House of Assembly Committee on Agriculture, Natural Resources, Forestry and Climate Change, Hon. Bette Philip Obi, pledged legislative support for the programme.
He described the initiative as timely, adding that the state government’s agricultural agenda was focused on empowering farmers and transforming the sector.
For Cross River farmers, the proposed grants and financing schemes could provide an important opportunity to expand production and strengthen agricultural businesses, particularly if the promised disbursement process is transparent and accessible across all 18 LGAs.
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