Lagos – The Lift Above Poverty (LAPO) Microfinance Bank on Thursday said it disbursed N876m to 6,566 farmers across the country between January and October.
The Managing Director of the bank, Mr Godwin Ehigiamusoe, told the News Agency of Nigeria (NAN) in Lagos that the disbursement was made to empower farmers to expand their produce.
He also said the bank had disbursed over N56billion to empower entrepreneurs in other sectors as at October.
According to Ehigiamusoe, the agriculture loan was extended to crop, fish, pig and poultry farmers.
He contended that the country needed to return to farming with the fall to $78 per barrel benchmark price of crude oil.
“The House of Representatives in 2013 set crude oil benchmark at S79 for 2014 budget. Now, it has reduced to $78, meaning that our revenue from oil is declining.
“The drastic fall of oil price should make us to tighten our belts and concentrate more on our micro economy and empowering of entrepreneurs especially women and farmers.”
He projected that micro loans to farmers would increase geometrically by 2015.
NAN reports that LAPO, one of the leading microfinance banks in Nigeria, has 327 branches across the country.
On Nov.1, it signed an MOU with Dutch Development Bank, Netherlands, Financierings Maatschappioor Outwikkelingslanden (FMO) to be provided a-five year loan to the tune of £7.5m (NAN).