NIFACOS president sees high bank rates on farmers as threat to nation’s economy

The national president of National Apex of Nigerian Farmers Cooperative Societies (NIFACOS), Chief Uzoma Nwaogwugwu has described poor funding of recognised cooperative societies and high bank interest rates as major challenges facing farmers in Nigeria, which in turn threaten the nation’s economy.

Nwaogwugwu therefore called on the federal government to ensure direct and  adequate delivery of input to cooperative societies for onward distribution to farmers.

He made the call in Umuahia while briefing newsmen about the contributions of his organisation to the Nigerian economy and the challenges of  farmers in Nigeria.

Nwaogwugwu, who traced the history of cooperative societies to 1923, noted that no country could develop if the private sector was not empowered.

He lamented that farmers  in Nigeria find it difficult to access bank loans as such financial institutions claim that farmers struggle to repay accessed loans.

He added that unstable insurance system in Nigeria was another challenge the Nigerian farmers are facing and called for policy change in this direction.

The national president (NIFACOS) equally lamented the incessant herdsmen/farmers conflict which affect productivity, promised that his office was initiating a reconciliatory system where a farmer would be compensated for his destroyed crops.

Nwaogwugwu announce that farmers in Nigeria under National Apex of Nigerian farmers cooperative societies would only endorse presidential and governorship candidates who could protect their  interests.

He noted that Nigeria was lagging behind Kenya and many other countries in the  funding of cooperative societies, which he attributed to the poor economic development of the nation.

On the alleged diversion of loans and other farming inputs by politicians in some States, Chief Nwaogwugwu promised to investigate the reports.