Oyo State Government Boosts Agricultural Sector With New Loan Scheme For Farmers.
The Oyo State Government has announced the approval of additional funds to support farmers through its Agricultural Credit Corporation of Oyo State (ACCOS), a move aimed at enhancing food security and agricultural productivity across the region. The initiative, revealed by ACCOS Chairman Sheikh Taofeek Akeugbagold during an interactive session at the corporation’s headquarters in Ibadan, underscores the state’s commitment to empowering its farming community.
Sheikh Akeugbagold explained that the new funds will be disbursed under the state’s single-digit administrative charge loan schemes, designed to provide affordable financing for farmers. The loans are intended to support a wide range of agricultural activities, including crop cultivation, livestock production, and agro-processing. “The Oyo State Government, through ACCOS, is providing more opportunities for farmers to access agricultural loans and expand their operations,” he stated, highlighting the initiative’s goal to reach grassroots farmers across all 33 local government areas in the state.
The additional funding is part of Governor Seyi Makinde’s ongoing efforts to bolster the agricultural sector, which is seen as a cornerstone of economic growth and food security in Oyo State. The scheme builds on previous successes, with thousands of farmers already benefiting from financial support under the Makinde-led administration. These efforts have led to improved crop yields and increased investments in farming ventures, contributing to the state’s agricultural output.
Farmers have been urged to take full advantage of this new opportunity to access funds and grow their businesses. However, Sheikh Akeugbagold also reminded beneficiaries of the first phase of the loan scheme to prioritise timely repayment to ensure the programme’s sustainability. “Loan repayment is essential to keeping this initiative alive. Those who repay will remain eligible for future financial support, while defaulting may limit access and affect others waiting to benefit,” he cautioned.
One farmer, Adeboje Samson from Atisbo, expressed gratitude to Governor Makinde for the continued support provided to the agricultural sector. He noted that the loans and other inputs he received had significantly boosted his farm’s productivity and helped sustain his family. Samson also encouraged fellow farmers to repay their loans promptly to maintain eligibility for future funding opportunities.
The Oyo State Government’s commitment to easing access to agricultural loans was further demonstrated last year when it relaxed guarantor requirements for the Sustainable Action for Economic Recovery (SAfER)/ACCOS loan scheme. By allowing executives of farmers’ associations to act as guarantors, the state removed bureaucratic hurdles, enabling more farmers to benefit from the programme.
This latest financial injection is expected to further strengthen Oyo State’s agricultural sector, fostering economic resilience and supporting rural communities. With a focus on increasing food production and reducing poverty, the initiative reflects the government’s dedication to sustainable development and the empowerment of its farmers.
