The Lagos State Coordinating Office for Agro-Processing, Productivity Enhancement and Livelihood Support (APPEALS) has appealed for a unified approach among financial institutions, insurance companies, farmers, and off-takers within the state.
Addressing a joint gathering of financial institutions, insurance companies, off-takers, stakeholders, and beneficiaries at the Lagos APPEALS Project’s Oko-Oba, Agege office, Mrs. Oluranti Sagoe-Oviebo, the Lagos State Project Coordinator for APPEALS, underscored the importance of collaboration in fostering agricultural productivity.
The event, convened to discuss the sustainability of the project, witnessed representatives from various agricultural value chains, notably rice, poultry, and aquaculture, showcasing their vibrant cultural heritage.
Sagoe-Oviebo urged financial institutions and insurance companies to provide essential funding support to farmers and stressed the need for prudent resource management among them.
Highlighting the significance of the event, she noted, “Today, we are hosting a meeting of our service providers – banks and insurance companies—so they can interact with us and our cluster heads, as this forms the foundation of the APPEALS project.”
Sagoe-Oviebo elaborated on the council’s vision of fostering collaboration among these stakeholders to enhance agricultural productivity, citing an example where the Bank of Agriculture (BoA) demonstrated interest in supporting a cluster from APPEALS. She emphasised the necessity of working collectively to support farmers and drive economic growth.
Acknowledging the role of agricultural aggregation centres established by the APPEALS project, Sagoe-Oviebo outlined their potential to stimulate production. She called for the Bank of Industry (BoI) and the Bank of Agriculture to contribute inputs and equipment to bolster farming operations, while insurance companies insured farmers against potential risks.
She encouraged dialogue among various stakeholders, including cluster heads, emphasising the importance of banks understanding the unique dynamics of the agricultural landscape.
Representatives from the Bank of Agriculture and Bank of Industry expressed their readiness to provide farmers with various loans at reasonable rates, supporting their growth and productivity.
Mr. Johnbosco Idoko, representing the Bank of Industry, encouraged farmers to embrace insurance to safeguard their ventures. He stressed the importance of reading policy documents carefully before enrolling in insurance programmes.
Dr. Olisha Mokemo, NAICOM Representative, highlighted the protective role of insurance in business continuity and risk management. He urged farmers to report losses promptly to insurance companies to expedite claim processing.
In response to the event, Mr. Sejiro Oke-Tojinu, President of the Lagos State Catfish and Allied Association (LASCAFAN), lauded the APPEALS project for its enduring support to farmers. He expressed hopes that the state government would consider incorporating the project’s model into other agricultural initiatives.
The gathering concluded with some farmers expressing dissatisfaction with the services offered by financial institutions and insurance companies, citing mistrust as a significant concern. The farmers underscored their desire for market linkages and support, facilitating loan repayment.
