FG plans single-digit loans for livestock sector

The Federal Ministry of Livestock Development says it will pursue single-digit interest rates and long-term loans for livestock operators. The ‌‌ ‍‍‌‌ ‍ ‌‌ Minister of Livestock Development, Alhaji Muktar Maiha, gave the assurance during a recent facility visit to ABIS Ultra-Modern Livestock Processing Factory, Lekki, Lagos.

The  News Agency of Nigeria (NAN) reports that Maiha said the ministry would liaise with the Federal Ministry of Finance and the Central Bank of Nigeria.NAN Prwire service He said the collaboration would facilitate affordable loans, longer repayment periods, moratoriums and suitable payment plans to drive growth in the livestock sector.

“We do know that there are challenges. We are now going to work with the Minister of Finance to make sure that capital loans in the agricultural sector are effective. There is no way you can establish an abattoir and have 25 per cent interest rate.

“There is no way you can go ranching or feedlotting and pay 16 to 20 per cent interest rate and get three to four years’ repayment.Nigeria news updates. We need pension capital. We need single digits. We need long-term repayment. At least a minimum of 10 years. That is when that farm will mature,” Maiha said.

During the tour, Maiha inspected an abattoir that processes 250 cows daily in a certified hygienic environment. He commended ABIS Group for introducing modern practices into livestock processing and creating employment opportunities for women.

Maiha said the ministry would work to ensure that certified abattoirs were established nationwide. “You can see how neat the facility is, whether you are talking about poultry, whether you are talking about fish, or goats, or beef.

“That is the way to go. That is our discussion with the executive members of the Lagos State  Government. We are talking about having laboratories everywhere so that we stop bringing lorries and trailers. You bring process and culture. You pick up your phone and you order meat. You order processed meat.

“You can see all the by-products here. The blood, the faeces, the horns, the hooves, the skin, everything is processed. It is also raw materials for other industries,” the minister said. He said the ministry would continue working to transform the agricultural sector into a modern, profitable, sustainable and globally inclusive industry.

According to him, the transformation is aimed at promoting national food security, job creation and stability in rural areas. In his remarks, the Chairman and Founder of ABIS Group, Amb. Emmanuel Nelson, said single-digit loans would drive significant changes in livestock production.

Nelson said the government should also rehabilitate dilapidated roads to ease livestock transportation and provide access to land for business expansion. He advised herders to embrace modern livestock-rearing methods instead of roaming through forests.

Nelson commended the Minister of Livestock Development and the Lagos State Government for supporting operators through the granting of approvals. He urged the authorities to sustain efforts to modernise the sector and create more jobs through livestock development. He disclosed that ABIS Group, a livestock processing hub in Lagos, had created jobs for hundreds of youths and less-privileged women.

Nelson said the beneficiaries had been trading within the hub over the past five years. NAN