Unity Bank plc has committed N1.0 billion facility to provide funding for the agricultural projects in Kwara State.
The
bank said it is making equity investment of N200 million into the
Shonga Farm Holdings Limited, a large scale farming initiative of the
Kwara State government, and also providing a loan facility of N300
million for increased productivity, while the remaining N500 million is
to be made available to peasant farmers in the state to enable them
improve the quality of their yield.
Falalu
Bello, managing director, Unity Bank said the move is in line with its
support raid growth in large-scale agriculture, which was the mainstay
of the economy about 40 years ago.
He
believes that with access to financing, farmers will be empowered to
improve the quality of their implements, seedlings and ultimately, the
yield, in order to make more money and bring more prosperity to their
people.
Bello, who described
the facility as one of the best moves the bank has made of late, said
what the Kwara State government is doing in Shonga has the potential of
changing the face of agriculture in Nigeria altogether.
The
Shonga Farms project is an integrated commercial farming business
expected to generate as much as N6.5 billion in revenue turnover every
year, apart from stimulating full scale commercial agriculture in the
state. 13 white Zimbabwean commercial farmers expelled from their farms
by the Zimbabwe government in a controversial land redistribution
policy run the farm.(LINK)
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