The Wheat Farmers Association of Nigeria (WFAN)
in Kano State has secured a N50 million loan from the State Government, its
Chairman, Alhaji Faruk Rabi’u, said on Wednesday.
Rabi’u said that the loan would be used to assist
the farmers warehouse their produce after harvest.
The chairman told the News Agency of Nigeria
(NAN) in an interview in Kano that the association had introduced the `
Warehousing Finance Receipt Programme’, to ensure safety of produce at the end
of the season.
Rabi’u said farmers who need money during the
period would be given interest-free loan from the N50 million.
“The idea is to discourage farmers from selling
their produce at a giveaway prices after harvest.
“When there is bumper harvest, middlemen buy and
hoard the product and later sell it at exorbitant prices which is to the
detriment of farmers.”
He believed that the introduction of the
warehousing receipt programme, farmers would keep their products safely until
when the commodity appreciated.
According to him, if any member requires money
during the period his product is warehoused, the association would offer them
the interest-free loan, to repay after selling the produce.
Rabi’u said under the programme, farmers would
get 30 per cent value of their products as loan and would be made to pay a
token for warehousing their commodity.
“Harvesting
has commenced and we have set up a committee for loan recovery which will soon
commence its assignment.” He said
He called on farmers to ensure prompt payment of
the loan, to avoid any embarrassment.
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