Firm Urges Banks to Give Single Digit Interest Loans to Farmers

• Firm Urges Banks to Give Single Digit Interest Loans to Farmers

A firm, the Tulip Cocoa Processing Company, has called on the banks and other financial institutions in the country to offer single-digit Interest loans to cocoa farmers in the country in order to boost their productivity.

The firm identified finance as one of the major challenges confronting cocoa farmers in the country, saying financial institutions should assist farmers in this regard.

The Sustainability Manager of the firm, Dr Taiwo Osun, who spoke at the 2019 Farmers’ Day celebration in Akure, said the firm would continue to engage relevant stakeholders to boost the productivity and income of the cocoa farmers.

He said, “ We can say that finance has been one of the major challenges facing some of these farmers. If there are single-digit interest loans, I believe the farmers will be better off in terms of their productivity.

“These farmers and buyers are important in our supply chain, that is why we have decided to bring them together.

“We don’t only buy cocoa from the farmers,we are equally training them on the need for them to have cocoa that will be sustainable not only for Nigeria but abroad. We don’t want over-use and under-use of cocoa for it to be acceptable in European markets.

Osun noted that his organisation had been able to collaborate with other interested partners towards ensuring that cocoa being produced in Nigeria was acceptable in the international market.

Osun, who said the event was in collaboration with Farmers Development Union, advised government at all levels to provide good road network that would help the farmers have easy movement of their products from the farm.