O A U Muslim Graduates' Association Advocates Easy Access For Agricultural Finance

Reading time 5 minutes

Read Time:3 Minute, 46 Second

…As Ogun govt. and Lotus Bank pledges support

In a continued effort to ease the agriculture for Muslim farmers and enable a developmental economy, the Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA) has advocated for agricultural financial access for Muslims in halal ways, as they launched the AGRIMART platform, to enable commercial partnerships which were said to build on Islamic principles of integrity and trust.

NAN reports that UNIFEMGA National President Olalenge Abdul-Fattah disclosed in his opening remark during the 3rd Annual National Program of UNIFEMGA Ogun state chapter, held on Saturday in Abeokuta the Ogun state capital.

Olalenge stated that people with access to any agricultural goods and services can leverage the network to expand their market and utilize a collective ‘integrity capital to boost their business. People or companies with needs can also advertise and get better sources of goods and raw materials for their business.

He said, Access to finance and funding opportunities is a key challenge facing all entrepreneurs, if you ask 90% of aspiring or young entrepreneurs what is their major challenge, almost 98% would say finance”.

“Even if that is true, what are the available that is halal and how can we navigate our way to start off, expand, and eventually be self-financing within a reasonable period”?

“UNIFEMGA AGRIMART platform is created to enable commercial partnerships amongst us built of Islamic principles of integrity and trust”.

“People with access to any agricultural goods and services can leverage on our network to expand their market and we can all utilize our collective “integrity capital” to boost our business. While people companies with needs can also advertise and hopefully get better sources of goods and raw materials for their business”

Speaking on the Theme: Agricultural Entrepreneurship &Developement: Access to Finance and Funding Opportunities, the MD/CEO of Lotus Bank, Mrs. Kafilat Araoye who is the keynote speaker, stressed the need for the government to focus on agriculture as an alternative to crude oil in building the nation’s economy sector.

She argued that financial institutions should ensure that adequate mechanisms are put in place, to successfully pay the existing barriers by farmers, saying that whatever financial option that is being provided to farmers must be mutually beneficial.

She disclosed that Lotus Bank has a product that would serve in halal for the farmer in supporting them to grow their business.

Araoye maintained that Lotus Agri’s financial product is designed to provide a non-interest loan to farmers in ‘Halal’ rather than a collateral contract.

Also, speaking to the Deputy Governor of Ogun State Engr. Noimot Salako who is represented by Hon. Kadijat Hamed corroborated that the Ogun State government will continue to support and provide necessary needs for farmers.

Salako posited that the government of the day started the anchor borrower program in conjunction with the CBN to encourage every individual to farming, by providing them arable land farmers to thrive in the state.

She added that agriculture and food security has always been a key thing in the administration of the Ogun State Governor while assuring the governor will continue to do more.

In his submission, Prof. Akinloye Farinde of the Department of Agricultural Extension and Rural Development of Obafemi Awolowo University submitted that agriculture is the “mainstay of the economy of any nation”, which provides food for the nation, raw materials for the industries, job opportunities for the people, and others.

Farinde posited that Nigeria is a blessed nation, whereby farmer must ensure that their product must be processed to last value chain, adding that if tuber is only things, one must not just produce to market alone, but also process it to last value chain so they can earn good money.

He added that be it cassava, yam, cocoa cashew nuts should be processed to the last value chain to earn in a good way while calling the attention of people to the agrophamacy sector.

Farinde stated that it is a way to develop a pharmacy in Nigeria, and great job opportunities for Nigerians, instead of going to India for drugs.

He called on the government to do the needful on infrastructure, energy, and mechanisms to help farmers.

Presents at the event are:
Alh. Rafiu Adisa Ebiti chairman BOT, Olanlege Abdul-Fattah National President UNIFEMGA, Tairu Dhikrullah Olarenwaju Chairman and Host UNIFEMGA, Ogun state, Alh. Ambaliu Ishola Rtd. PS Ogun state, Prof. Saburi Adejimi Adesanya former VC, OOU Ago iwoye, MD/CEO Lotus Bank Mrs. Kafilat Araoye, Prof. Akinloye Jimoh Farinde, and others.

Source: NAN.