The National Apex of Nigerian Farmers Cooperative Societies Limited (NANFACOS) and the Bank of Agriculture (BOA) have condemned the non-payment of loans by farmers, saying they will collaborate to stop the practice.
The National President of NANFACOS, Nwagwugwu Uzoma spoke when he led the national officers of the group on a courtesy visit to BOA in Kaduna.
According to him, a good number of farmers take loans but abscond when it is time for repayment, noting that the group would collaborate with BOA to put an end to the situation.
Also, he expressed readiness to collaborate with other financial institutions to ensure that only farmers under their umbrella get loans to make repayment easy.
Furthermore, Uzoma noted that a key issue encountered with loan repayment in the agriculture sector was the absence of mechanisms to monitor the farmers.
NANFACOS, BOA to Address Farmers’ Default in Loan Repayment