Cross River State Government has begun discussions with the Bank of Agriculture (BOA) on financing options for farm equipment, certified hybrid seeds and agro-processing as part of efforts to increase food production and strengthen agricultural businesses in the state.
The engagement was led by the Commissioner for Special Duties and Intergovernmental Relations, Dodeye Arikpo, during a meeting with BOA Managing Director, Ayo Sotinrin, at the bank’s headquarters in Abuja.
Arikpo said the proposed partnership would focus on practical financing that would enable farmers to access inputs and equipment, increase production, process their produce locally and connect to better markets.
He identified high input costs, limited access to mechanisation and inadequate processing facilities as some of the challenges keeping many farmers at subsistence level and contributing to the state’s reliance on food supplies from neighbouring states.
“We cannot talk about food security without equipment, finance and markets. This collaboration is about giving farmers the tools to deliver,” he said.
Among the proposals discussed were lease-to-own arrangements for tractors and farm implements, bulk supply of certified hybrid seeds and financing for agro-processing clusters across the state’s 18 local government areas.
Arikpo also stressed the need to prioritise women and young people in the proposed financing arrangements, saying greater access to agricultural resources could create employment opportunities while improving food production.
“If we get our young people and women into agriculture with the right support, we will solve unemployment and hunger at the same time,” he said.
Responding, BOA Managing Director Ayo Sotinrin said the bank already operates financing windows for youth, women and agricultural value-chain operators that could be adapted to meet Cross River’s needs.
He said the bank was willing to align its financing products with the state’s agricultural priorities and provide support in areas including farmer aggregation, priority value chains, market linkages and the development of bankable projects.
Both parties agreed to establish a joint technical team that will identify priority crops and value chains, develop suitable financing instruments, including single-digit loans, and determine requirements for mechanisation and agro-processing hubs.
The team will also set measurable targets for increased yields and job creation and develop a framework for turning the state’s agricultural priorities into bankable projects.
The proposed intervention is expected to improve farmers’ access to productive assets and financing, strengthen local processing and reduce post-harvest losses if implemented.
Cross River State has identified agriculture as a key area for job creation, poverty reduction and food security under Governor Bassey Otu’s administration.