International Fund for Agricultural Development

The International Fund for Agricultural Development (IFAD) has begun training of 96,000 farmers on financial literacy and inclusion to inculcate in the farmers the need for savings culture aimed at sustainability.

The Niger State Coordinator of IFAD Value Chain Development Programme (VCDP), Dr. Mathew Ahmed, disclosed this in Bida at a stakeholders’ workshop on financial literacy for IFAD VCDP staff and lead farmers.

According to him, farmers do not keep records of their transactions which has made it difficult for them to access finance, adding that their inability to practice the cashless policy makes them possible victims for robbers and bandits.

The coordinator said that the training was aimed at sustainability and to inculcate savings culture in them, which will go a long way in increasing the financial status of the farmers.

He said that the training will take place in two other locations, Makurdi and Abakaliki, where 96,000 farmers are projected to be trained in understanding financial literacy and inclusion.

“Although we are training the lead farmers, these farmers will go down to their groups and clusters to train their members.”

A German financial consultant who conducted the training, Dr. Micheal Marx, emphasised on the necessity for farmers to save, adding that indigenous savings and credit contribution should be encouraged in the country.

The VCDP rural institution, gender and tough development officer, Musa Dalung, said it is important for farmers to need to know how to calculate interest rates from banks and calculate the rate of depreciation of their equipments.

“IFAD has capacitated, empowered and supported these farmers with inputs, equipments and infrastructures but they will need to know how to maintain these things, how they can save and generate money.”

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