Oyo State government through the Agricultural Credit Corporation of Oyo State (ACCOS) has simplified the guarantor requirements for the ongoing SAfER loan scheme, aimed at supporting farmers in the state.
According to Sheikh Taofeek Akeugbagold, Chairman of ACCOS, this move is intended to give more farmers access to agricultural loan facilities.
Akeugbagold while briefing stakeholders in Ibadan announced that Governor Seyi Makinde has approved the inclusion of executives from farmers’ groups to serve as guarantors for farmers applying for loans under the State Agricultural Credit Corporation.
“This development enables executives of farmers’ associations to act as guarantors for their members seeking the SAfER/ACCOS agricultural loan, aligning with Governor Makinde’s vision of supporting the agricultural sector in Oyo State,” he said.
He further explained that many farmers were previously unable to access the ₦1 billion agric loan under the Sustainable Action for Economic Recovery (SAfER) program due to the bureaucratic hurdle of requiring civil servants as guarantors. The Governor’s approval to allow farmers’ group executives to stand in as guarantors aims to remove this bottleneck, which in turn is expected to boost farm productivity and enhance food security in the state and across the country.
The Chairman emphasized that this change will especially benefit farmers who may not have connections with civil servants, as registered association executives can now easily fulfil the guarantor role.
In his welcome address, Mr. Tunde Oladejo, the Coordinating Director of the Agricultural Credit Corporation of Oyo State, urged previous beneficiaries of the SAfER/ACCOS loan to commence repayment through the designated banks. He highlighted that timely repayments are essential for sustaining the loan scheme and ensuring that more farmers can benefit.
Notable attendees at the meeting included Elder Omikunle Omidokun, Chairman of the Poultry Association of Nigeria, Oyo State Chapter; Mr. Muniru Oladayo, Vice Chairman of the All Farmers Association of Nigeria, Oyo State Chapter; and Mr. Basir Adesoyan, Chairman of the Nigerian Cassava Growers Association, Oyo State Chapter.