Senate: National Agricultural Credit Fund to Promote Commercial Agriculture in Nigeria Passed Second Reading

Today, the Nigerian Senate considered for Second Reading ‘A Bill for an Act to establish the National Agricultural Credit Fund to Promote Commercial Agriculture in Nigeria.’ This bill, if passed and signed into law, will address the current lack of legal frameworks that limit funds meant for farming going to actual farmers.

According to the President of the Senate, Dr. Bukola Saraki: "This Credit Fund will also help ensure that local farmers are provided with implementable business plans and are linked to larger companies that will purchase their products." 

"Furthermore, it will also help in the transition of seeing agriculture as a business, not just a social development program, as there will be clearly spelt out criteria for benefits, and fund administrators to guide the disbursement of the loans."