…Calls for Seedlings, Farming Equipment as Incentives
By Tina Amanda
As the farming season begins, the Managing Director of Vintage Farms and Products Limited and former President of the Port Harcourt Chamber of Commerce, Sir Mike Elechi, has called on the Bank of Industry (BOI) to disburse the ₦4 billion agriculture fund provided by the Rivers State Government.
Sir Elechi noted that Governor Siminalayi Fubara’s administration allocated ₦4 billion to BOI and ₦1 billion to the Rivers State Microfinance Bank since July 2023 to support farmers and entrepreneurs.
However, he lamented that farmers have been unable to access the funds due to stringent loan requirements set by BOI.
“The money that the Rivers State Government provided for farmers and entrepreneurs has not been disbursed. What BOI is doing with it, I do not know. They have made the loan application process unnecessarily difficult, which contradicts the government’s intention,” he stated.
He urged BOI to relax its requirements and begin disbursing funds to enable farmers to invest in the current planting season and boost food production in the state.
“Yes, there should be regulations, but not to the extent that accessing the fund becomes impossible. The government has already reduced the interest rate to 7.5%. It’s almost two years now, yet BOI has not disbursed the money.
“As a former PHACCIMA president, I cannot count any farmers who have benefitted from this fund.”
Sir Elechi commended the Rivers State Microfinance Agency (RIMA) for effectively managing its ₦1 billion loan scheme for small entrepreneurs. However, he emphasized that BOI’s delayed disbursement is hindering agricultural growth in Rivers State.
“The delay is affecting food supply. If the fund had been utilized properly, there would have been a significant improvement in local food production. BOI has held onto this fund since July 2023—almost two years now. Meanwhile, farmers are struggling to expand their farms,” he said.
Sir Elechi also stressed that government incentives for farmers should focus on providing seedlings, farming implements, and land rather than just financial aid.
“If the government truly wants to support agriculture, it should focus on incentives that directly impact production, such as quality seedlings, farming equipment, and land provisions. Many people misunderstand incentives to mean cash handouts”
He advised farmers to register their businesses with the Corporate Affairs Commission (CAC) or form cooperatives to improve their chances of accessing funds and government support.
“Government is not Father Christmas to be handing out money. Farmers must be identifiable. Anyone who claims to be a farmer should at least have land for cultivation or a poultry house.”
Sir Elechi called on relevant agencies, including PHACCIMA, to collaborate with BOI and RIMA in verifying and supporting genuine farmers to ensure accountability in the disbursement process.
