News in brief:
– Oyo State eased SAfER loan guarantor requirements, allowing farmer group leaders to act as guarantors.
– This policy change aims to improve access to funding, boost productivity, and enhance food security.
The Oyo State government has recently relaxed guarantor requirements for the Sustainable Action for Economic Recovery (SAfER) initiative, enabling more farmers to access funding under the Agricultural Credit Corporation of Oyo State (ACCOS) scheme.
By allowing executives of farmer groups to act as guarantors, the new policy aims to eliminate obstacles that previously limited farmer access to the loan.
Previously, applicants needed a civil servant guarantor, which posed challenges for many farmers unfamiliar with civil service personnel. This adjustment is expected to boost farm productivity and enhance food security, not only in Oyo State but potentially across Nigeria.
SAfER loans provide farmers with access to a ₦1 billion fund aimed at fostering agricultural resilience and recovery. With simpler access, the SAfER loan can now better support farmers’ productivity goals, directly impacting food production across the region.
The Coordinating Director of ACCOS, Tunde Oladejo, also urged past loan beneficiaries to begin repaying their loans promptly. He explained that regular repayments will ensure the program’s sustainability and allow other farmers to benefit.
At a recent stakeholder meeting in Ibadan, representatives from the Poultry Association of Nigeria (PAN), All Farmers Association of Nigeria (AFAN), and Nigerian Cassava Growers Association expressed their support for the policy shift, recognising its potential to aid numerous smallholder farmers in the state.
