Unity Bank increase funding to 120,000 smallholder maize farmers

About 120,000 smallholder maize farmers in Nigeria will benefit from the bank's funding

The funding will roll out before the wet season, to increase their yield

Not less than 120,000 smallholder maize farmers in the country will benefit from Unity Bank Plc’s funding in the wet season farming.

Mrs Tomi Somefun, the Managing Director of the bank, made the revelation while delivering a goodwill message at the unveiling of the first national maize pyramids and kick off of wet season farming programmes at the weekend in Katsina, Katsina State.

As a major stakeholder in the rollout of the CBN’s Anchor Borrowers Programme (ABP), Unity Bank was invited to participate in the events marking the unveiling by the Maize Association of Nigeria (MAAN).

Represented by Head, Agribusiness, Unity Bank Plc, Mrs Patricia Ahunanya,  Somefun said the additional funding for 2021 wet season farming is in furtherance of the bank’s commitment towards supporting maize farmers in the country.

She noted that the strategic partnership with MAAN commenced in 2019 with the financing of about 37,182 smallholder farmers, with the bank increasing its financing tally to 70,604 smallholder farmers last year.

“The maize pyramids will go down in history as the first maize pyramid in Nigeria which demonstrates not only the resilience of our farmers but also the commendable vision of the Federal Government of Nigeria through the implementing partners. This should be replicated in all states with a focus on the crops that have a comparative advantage,” Somefun said.

She noted that with agriculture contributing over 26 per cent to Nigeria’s Gross Domestic Product (GDP), and employing about 50 per cent of Nigeria’s working population in the rural areas, the bank will continue to make strategic investments into the sector in line with the Federal Government’s quest to attain food sufficiency, diversify the economy away from oil, create jobs for the youth and reduce poverty.

“Unity Bank is fully committed to its partnership with MAAN and this commitment will ensure the attainment of FGN/CBN target to meeting self-sufficiency in maize production through the association,” Somefun said.

President, MAAN, Dr Abubakar Bello commended Unity Bank for its continued support of the farmers through its strategic role in providing finance to maize farmers.

“We cannot appreciate enough our financing partners, especially Unity Bank. Today, we have over 50,000 bags of maize in this pyramid, which will contribute significantly to Nigeria’s strategic grain reserves. This could not have been possible without the financing made possible by these partners. We commend them for this role and remain grateful,” Bello said.

He reiterated the commitment of the association to continue to meet the financing obligations and sustain the drive for increased maize output in this wet season farming.

Unity Bank had recently received a similar commendation from Rice Farmers Association of Nigeria (RIFAN) over its strategic role in providing the necessary support to the association to explore the opportunities provided by the CBN’s Anchor Borrowers’ Programme (ABP).

RIFAN specifically commended Somefun for her leadership and doggedness in supporting the rice farmers through the ABP, which is playing a critical role in Nigeria’s quest to attain self-sufficiency in rice production.