News in Brief:
– LAPO, a poverty-fighting organisation, distributed ₦5.6 billion to support rural farmers in Nigeria’s first quarter of 2024.
– This investment aims to improve agricultural productivity, food security, and economic growth in rural communities.
A Non-Governmental Organisation in Nigeria, Lift Above Poverty Organisation (LAPO), has stated that it distributed ₦5,562,438,360 to rural farmers across Nigeria in the first quarter of 2024.
This was made known by the organisation’s microfinance segment’s executive director, Dr. Victor Noruwa, during an interactive session with stakeholders in Benin City, Edo State, recently.
The loans were disbursed through LAPO’s Agricultural and Rural Development Initiative (LARDI) and it reached 174,799 farmers across 318 branches in 22 Nigerian states.
Noruwa expressed hope that this investment will help to enhance agricultural productivity, strengthen food security, and promote economic prosperity in rural areas.
Furthermore, he urged beneficiaries to utilise the funds wisely to maximise their agricultural activities. He noted that responsible investment will not only improve their livelihoods but also contribute to national economic growth.
Meantime, through LARDI, the organisation has pledged its commitment to strive to increase access to financial services for rural farmers, elevate agricultural productivity, and alleviate poverty.
The organisation’s website reveals that the facility range for the loan is between ₦100,000 and ₦200,000 and must be paid back within ten months or less with a monthly service change of 3%. Also, the disbursement methodology is through groups.
