In a strategic move to promote financial inclusion in the livestock sector, the Kogi State Livestock Productivity and Resilience Support Project (L-PRES) has convened a one-day stakeholders’ engagement aimed at enhancing access to finance for Livestock Farmers and Key Actors in the Value Chain Clusters across the state.
The engagement, held in Lokoja, the Kogi State capital, brought together a wide range of stakeholders, including representatives of the Participating Financial Institutions (PFIs), Livestock Farmers/Key Actors at the Value Chain Clusters, Livestock Extension Agents, Leaders of Commodity Association, and State Steering/Technical Committee Members. The forum served as a collaborative platform to identify existing challenges and develop strategies to improve access to credit and financial services, an essential ingredient for enhancing productivity, commercialization and resilience in the livestock sector.
In his opening remarks, the State Project Coordinator, Mr. Otaru Abdulkabir Onoruoyiza, emphasized the importance of increased access to finance as a fundamental pillar for sustainable livestock development.
He noted that limited access to finance remains a major constraint preventing livestock farmers from adopting innovative technology and Good Animal Husbandry Practices to scale up their agribusiness enterprise in Kogi State.
He, however, clarified that L-PRES is distinct from traditional grant-based safety-net and poverty alleviation empowerment programs, as it primarily focuses on credit support targeted at already established, committed and business-minded individuals farmers and Key Actors in the livestock sector.
Mr. Otaru further disclosed that US$70 million has been earmarked for this critical sub-component of the project, with funding being managed by the Development Bank of Nigeria (DBN).
“Our core mandate in Kogi State is to sensitize the profiled livestock farmers/Key Actors at the Value Chain Clusters and effectively link them to accredited Participating Financial Institutions (PFIs) operating within the state,” he stated.
He also revealed that the DBN has accredited 17 PFIs in Kogi State. The State Coordinating Office had previously engaged these institutions in a strategic meeting to deliberate on reaching out to the Profiled Livestock Farmers and Key Actors at the Value Chain Clusters for implementing this credit based intervention program
Highlighting the importance of alignment with state-level priorities, Mr. Otaru reiterated that the project focuses on Kogi State’s designated priority livestock value chains namely: poultry, sheep and goat, and cattle, with particular emphasis on beef production.
The Honourable Commissioner for Agriculture and Food Security, Hon. Timothy Ojomah, described the initiative as a rare and valuable opportunity extended to livestock farmers in Kogi State. He urged beneficiaries not to take it for granted, but to seize the opportunity to contribute meaningfully to the growth and development of the livestock sector.
Also speaking, the Honourable Commissioner for Livestock Development, Dr. Olufemi Bolarin, encouraged farmers to embrace an entrepreneurial mindset and be prepared to meet their loan obligations, including interest payments. He emphasized that this financial intervention presents a practical and timely opportunity that must be maximized.
In his remarks, the Managing Director of the Kogi Agricultural Development Project (ADP), Dr. Ogirima George Bello, reaffirmed the readiness of the Livestock Extension Agents to provide technical support and advisory services. He assured participants that the Livestock Extension Agents assigned to the Value Chain Clusters will carry out their responsibilities diligently and in accordance with established standards.
End
