In a bid to further develop agriculture and encourage youths in the sector, seventy young farmers, classified as agropreneurs and agro-farmers in Ondo State, have received N23.9m loans from the state government.
The loan amount ranges from N250,000 to N500,000 per beneficiary for a period of two years and assessed through the submission of their original degree certificates and National Youth Service Corps certificates as collateral.
Distributing cheques to the beneficiaries, the state governor, Olusegun Mimiko, noted that the loan was at a single interest rate of 2.5 percent for a period of two years with a moratorium period of six months.
Represented by his Chief of Staff, Kola Ademujimi, the governor was the disbursement was planned to commemorate the 2016 World Food Day and as support for the youths to start their own agricultural ventures.
The Chairman of Ondo state Wealth Creation Agency (WECA), Bolanle Olafunmiloye, said that the loan was meant to support small holder farmers as they were the keys to food security.
Olafunmiloye said that it was another milestone of continuous mission to engage the youth productivity and transform them into wealth creators and employers of labour, using the agricultural sector as a vehicle.