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Adamawa Producers, aggregators, traders will benefit from Gov Fintiri’s N5.1bn Agribusiness Credit Scheme

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Adamawa Producers, aggregators, traders will benefit from Gov Fintiri’s N5.1bn Agribusiness Credit Scheme

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Governor Ahmadu Umaru Fintiri of Adamawa State Thursday launched a N5.1bn Agribusiness Credit Guarantee Scheme for producers, aggregators and traders in the state.

The scheme, a component of Adamawa Agribusiness Support (ADAS) Programme, would improve access to loan for beneficiaries and overcome problem of collateral when accessing credit from financial institutions.

Speaking at the event held in the Government House Yola, Governor Umaru Fintiri said the loan letters issued to the beneficiaries are to provide them security to access credit in their respective banks.

“The Letters given are not meant to provide free loans to the beneficiaries but a business undertaking that provides security to their respective banks to enable them access credit.

Governor Fintiri added that the scheme will be implemented in phases, commencing with aggregators and markers, adding that it will be gradually expanded to cover primary agricultural production among others.

While acknowledging the benefits of the programme to the development of the State, Governor Fintiri saluted the ADAS key players for their commitment and trust and urged them to sustain the spirit.

He called for understanding of the state residents especially at the time of high cost of food items, stressing that his administration will continue to prioritize the welfare of the citizens.

“We will continue to prioritize the welfare of people. We’ll continue to provide palliatives and I tasked those saddled with the mandate of the distribution to do just in the exercise,” he said.

The Secretary to the State Government, SSG Barrister Auwal Tukur says the state Internally Generated Revenue (IGR) has experienced a positive leap since the commencement of the ADAS.

He added that between September 2022 and August 2023, the programme has generated over one billion naira from Agribusiness collections in the state, saying much is expected from the ADAS.

The Principal Consultant of the ADAS Programme, Mr Aminu Buhari disclosed that the credit guarantee scheme would improve Agribusiness and generates more revenue to the state.

He added that the scheme would provide liquidity and service needs of producers, aggregators and processors that would propel them to upgrade their production capacities.

The Chairman, Board of Directors of ADAS Limited, Alhaji Kashim Njidda, commended Governor Ahmadu Umaru Fintiri for bringing the promising agribusiness programme in the state.

In his vote of thanks on behalf of the beneficiaries, the Secretary of Grains Marketers Association, Malam Dauda Mohammad said the credit guarantee scheme will no doubt boost their businesses.

Highlight of the event was presentation of loan letters to some of the beneficiaries that include Emanuel Murna from Mubi Grains Market and Bamanga Sabiu from Ngurore Cattle Market among others.