Lagos officials secure BoA loans for agriculture
By Chinyere Anyanwu [email protected]
the The Lagos State Ministry of Agriculture said it was working with the Bank for Agriculture (BoA) to provide credit facilities to civil servants engaged in agriculture with the aim of encouraging self-sufficiency and the sustainability of food production.
According to its permanent secretary, Mrs. Aramide Gansallo, the financial intervention of the BoA is the product of several engagements between the ministry and the bank to try to solve the financial problems which hinder and discourage investments in agricultural activities.
According to the statement, “In order to ensure that many civil servants benefit from the facility, we would like to remind you that the BoA always offers credit facilities to civil servants who wish to engage in agriculture and agribusiness.”
Listing the pre-qualification requirements to access the loans, the statement said an applicant must provide proof that he is employed in the Lagos State Civil Service and must still have at least two years of active service; appointment confirmation letter; letter of introduction from the Ministry of Agriculture to the bank; must establish a relationship with the bank by opening an account with it and operate it for at least a period of one month, and must be engaged in an agricultural business.
Other requirements include submission of a detailed business plan showing the viability of the project; presentation of two reputable guarantors and post-dated checks to cover the loan; provision of security as security (e.g. C of O of land ownership) for facility above N1 million; a security deposit of 20% of the amount requested must be in the client’s account at the time of loan application for an amount less than 1 million naira, and submission of an expression of interest letter attached to the form duly completed BoA loan form, among others.
The statement said any interested personnel should apply through the Permanent Secretary of the Ministry of Agriculture.