Akwa Ibom state Governor Udom Emmanuel Wednesday said a bank of agriculture would soon be commissioned in the state so that farmers can have easy access to credit facility.
Gov Emmanuel said the special bank would be called the Ibom Fadama Micro Finance Bank (IFMFB).
The bank is expected to address the risks and challenges that farmers face in the process of borrowing from the informal sector.
Emmanuel stated this while speaking at the 20th annual conference of the Nigeria Association of Agricultural Economists (NAAE) held at the Faculty of Agriculture Auditorium, University of Uyo (UNIUYO) with the theme: “Agricultural Risks and Management in Nigeria.”
Represented by the chairman of the Technical Committee on Agriculture and Food Sufficiency, Professor Edet Udoh, Emmanuel said the bank would be purely owned and managed by farmers in the state.
“This administration understands the challenges that farmers go through in securing sustainable finance from the informal sector, that is why the state is putting up a special bank for Akwa Ibom state farmers to be called Ibom Micro Finance Bank.
“The bank will be purely owned and managed by the farmers of Akwa Ibom State so that they will have sustainable finance and be able to circumvent financial risks of borrowing money from the informal sector,” the governor said.
