Follow Us on Google
By Chinyere Anyanwu [email protected]
The Lagos State Ministry of Agriculture has said it is collaborating with the Bank of Agriculture (BoA) to provide credit facility to civil servants practising agriculture in an effort to encourage self-sufficiency and sustainability in food production.
According to its Permanent Secretary, Mrs. Aramide Gansallo, the financial intervention from BoA is a product of several engagements between the ministry and the bank in trying to address the financial challenges hindering and discouraging investment in agricultural activities.
The statement said, “in order to ensure that many civil servants benefit from the facility, we hereby wish to remind you that the BoA is still offering credit facilities to civil servants who are interested in practising agriculture and agribusiness.”
Listing the pre-qualification requirements for accessing the loans, the statement said an applicant must provide evidence of being employed in the Lagos State civil service and must still have nothing less than two years in active service; letter of confirmation of appointment; letter of introduction by the Ministry of Agriculture to the bank; must establish relationship with the bank by opening an account with it and operating same for at least a period of one month, and must be engaged in an agricultural oriented enterprise.
Other requirements include the submission of a detailed business plan showing viability of the project; presentation of two reputable guarantors and post-dated cheques to cover the loan; provision of a collateral as security (e.g C of O of landed property) for facility above N1 million; a lien deposit of 20 per cent of amount requested must be in the customer’s account at the period of loan requisition for amount within N1 million, and submission of a letter of expression of interest attached to the duly completed BoA loan form, among others.
The statement said any interested staff should apply through the permanent secretary, Ministry of Agriculture.
