Nigerian bank partners with banana farmers

Nigeria's Fidelity Bank is to partner with farmers to commercialise banana production in Cross Rivers State. Bank managing director Reginald Ihejiahi said the partnership would also involve an international organisation to provide the required technology and extension services to make the project work.

He explained that his bank would be bankrolling the project while the farmers will provide the land for the cultivation of the crop. The bank would disburse soft loans and credit facilities to the farmers under its Small and Medium Enterprises Equity Investment Scheme (SMEEIS) to enable them to procure improved seedlings and meet their other commitments under the partnership.

Ihejiahi hinted that the interest rates payable on the facilities will be reduced to ensure the end result of the exercise was successful. He commended recent efforts by the government to reduce interest and exchange rates to levels that could enable any serious businessman to break even in his enterprise, but expressed concern over the attitude of some who cannot cope with the demands of their trade.

Ihejiahi called on Nigerian farmers to upgrade their post-production and preservation techniques in order to minimize wastage, stressing that lack of good storage facilities has been largely responsible for much of the losses by farmers and manufacturers. He noted, for instance, that a farmer who borrowed money at 10 per cent from a bank, may still discover he may still record losses unless he was able to set up a good storage facility to handle his excess produce.

Daily Sun