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Ondo State
governor, Olusegun Mimiko, yesterday lamented the depleting nature of
the agricultural sector which had been neglected because of the
discovery of petroleum.

Mr. Mimiko, who
disclosed this while presenting N1 billion large Scale Agricultural
Credit Scheme letters of offer to the beneficiaries from the 18 local
government areas of the state in Akure said the agricultural sector was
stuffed with subsistence characteristics such as: low productivity,
lack of credit facilities, storage facilities, and relatively scarce
mechanisation infrastructure.

He, however, noted
that agriculture, if given the deserved attention could go a long way
in reducing the high rate of unemployment in the country. He also
informed that the state was the first in the Federation to benefit from
and disburse to farmers, the N1 billion large cale Agricultural Credit
Scheme put in place by the Federal Government for on-lending to States.

The credit scheme,
according to him, is to fast-track the development of the agricultural
sector and boost food production in the nation.

Mr Mimiko disclosed
that the Commercial Agriculture Credit Scheme was meant for the
production of crops such as maize, cassava, vegetables adding that
livestock, fisheries and agricultural processing activities were also
involved.

According to Mr
Mimiko, the Scheme offered to States by the Federal Government was to
upscale productivity, employment generation, diversification of the
revenue base and increase in foreign exchange earning capacity, as well
as availability of raw materials for the industrial sector of the
Nigerian economy.

He said, “In line
with our strategy, the State has accessed the N1 billion Commercial
Agriculture Credit Scheme Credit facility for on-lending to our
farmers, the State Executive Council, as part of its implementation
strategy, constituted both the Cabinet and Technical Committees working
in collaboration with officials of the Central Bank of Nigeria, United
Bank for Africa Plc (UBA) and other stakeholders to determine the modus
operandi for the loan scheme.

“Eligibility
criteria for accessing the Commercial Agriculture Credit Scheme include
among other things, genuine and practicing farmers, non-indebtedness of
beneficiaries to financial institutions amongst others. The Commercial
Agriculture Credit Scheme interest is 9% including all charges, maximum
tenure of 2 years and moratorium period of 6 months.

“I wish to say for
the avoidance of doubt that the N1 billion Agricultural Credit is
guaranteed by the State Government because of its genuine interest in
the well-being of our farmers and promotion of the agricultural sector.
Every beneficiary must, therefore, endeavour to utilise the credit
facility and pay back within the stipulated time frame. This would
enable others to benefit from the facility if and when repayment
schedule is duly honoured.”