IFAD-VCDP urges farmers to insure farms, invest in profitable agric 

The International Fund for Agricultural Development (IFAD)-Value Chain Development Programme (VCDP), Monday advised farmers to channel loans they borrow for the purpose of investing in agriculture.

IFAD-VCDP also advised the farmers to always insure their farms against natural disasters, adding that if their farms were destroyed by disasters, they could be paid indemnity by the insurance companies.

The IFAD-VCDP, Rural Finance Officer, Mrs Rosemary Iorngirim, gave the advice at a stakeholders meeting Monday in Makurdi.

Iorngirim said farmers who properly invest their money will find it easy to repay their loans.

She said if farmers borrow and pay back at the stipulated time, they would be qualified for other loans with higher amounts.

She also encouraged farmers to indulge in tripartite partnerships for their overall benefit, adding that the partnership should be between them and off-takers as well as financial institutions.

“A partnership brings together institutional capabilities and human resources in the form of skills, experiences and ideas to tackle common problems that are often beyond the capacity of a single organisaation or group,” Iorngirim said.

Also, Mrs Susan Adoga, Loan Recovery Officer, Lift Above Poverty (LAPO), lamented that most farmers do not pay back their loans, adding  that  most institutions were not willing to assist farmers with resources, be they cash or inputs.