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Nigeria : LAGOS STATE APEX FADAMA COMMUNITY ASSOCIATION farmers to transform association into microfinance bank

May 22, 2014

In a bid to deal with the financial issues limiting production, wealth generation, job creation, and global competitiveness, under the umbrella of the Lagos State Apex FADAMA Community Association, farmers are working to turn the association into a microfinance bank.

At an event held last Thursday on the planned establishment of the microfinance bank, a senior official of Lagos State Apex Council FADAMA Community Association, said the FADAMA project, which has reached an end after the end of the Phase III, had helped to bridge the financial challenge facing several farmers in the state.

The official said as the project has reached its end, the need to have a funding alternative cannot be over-emphasised, therefore the idea to turn the association into a microfinance bank.

He added that it is expected that the microfinance bank when it launches operation would be able to help the teeming farmers with lucrative loans and start-up capital to start or continue with their farming activities.

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Source: TendersInfo (India)

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