Niger Foods led by its Chairman Mr Sammy Adigun, in close cooperation with AGRA representative Mr Godswill Aguiyi (Niger State project officer) and seven financial institutional partners, carried out a one day Financial Literacy training for Smallholder farmers in Minna today.
The Financial Literacy training and linkage with financial institutions for Smallholder is in line with the Vision of His Excellency Farmer Governor Mohammed Umaru Bago to promote sustainable and inclusive agricultural, rural development, stimulating agriculture and related industries (such as processing and distribution). Systematically addressing the knowledge gap through targeted interventions, smallholder farmers can become more resilient, increase productivity, and build long-term financial well-being through stronger linkages with the formal financial sector.
The training refers to various sets of skills and knowledge that enable smallholder farmers to make informed and effective decisions regarding money matters. It is a combination of financial responsiveness, knowledge, skills, attitude, and behavior that are necessary to make informed financial decisions and ultimately achieve individual financial well-being.
The Financial Literacy training headlined by Zenith Bank Minna covered the following learning outcomes
1) Planning, prioritization and budgeting form the core of financial discipline.
2) Ability to evaluate and select the financial services available.
3) Informed Decision Making, Trust and Awareness
4) Save and invest for future growth.
5) Prepare for unexpected risks.
6) Improved Creditworthiness
7) Strong financial management and controls in farmer cooperatives
Other participating banks FCMB, Alternative bank, Jaiz bank, Lapo Microfinance bank and FUT Micro-finance bank were able to market various Tailored Financial Products available (Crop loans, Livestock loans, farm mechanization loans, Solar pump loans and warehouse receipt loans) to over 200 smallholder farmers in attendance. Several unbanked farmers were able to open accounts).
Working with Niger Foods, financial institutions can design products with flexible repayment schedules that align with agricultural harvest cycles to better meet farmers’ needs.
