Agric Loans: NCE clamours for relevant legislation

Managing Director, Nigeria Commodity Exchange, Mrs Zaheera Baba-Ari, has demanded the enactment of a law to enable farmers have access to loans for agricultural purposes.

She said the law will boost the output of the farmers in Nigeria and also improve the agricultural sector.

“The legislation will enhance the productivity of farmers because after production they will not be forced to sell the produce due to lack of funds or storage facilities.

It will also encourage warehousing which will enable the farmers to deposit their commodities in an accredited warehouse.’’ she said.

The Director who said that the details of the commodity deposited in the warehouse would be included in the receipt in case of any loan from a bank noted that the farmers could store the commodity in the warehouse until their prices appreciate.

Baba-Ari stressed that the exchange creates a platform for both buyers and sellers by providing information regarding the exact price of the commodities.

“What happens is that middlemen buy the commodities at a very low price and sell at a very high price to exporters.

“So, the person making all the profit is the middlemen while the farmers remain poor,  that is why we have a large percentage of peasant farmers in Nigeria’’ she explained.

The post Agric Loans: NCE clamours for relevant legislation appeared first on AgroNigeria.

Source: AgricNews-Update


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