United NationsDepartment of Economic and Social Affairs Sustainable Development

Nigeria

I thank you Mr. Chairman for giving me the floor. Mr. Chairman, we cannot address the issue of agriculture without addressing the issue of micro financing. We have to create a conducive environment to enable rural farmers to have access to micro financing. In Nigeria, micro financing through the small and medium enterprises provides credit facilities to farmers in the rural areas. Indeed, Nigeria has launched several initiatives to ensure a holistic transformation of the agro produce marketing sector. This include the:
Warehouse Receipt Financing Scheme: This scheme regulates the supply side of the agro market to ensure that farmers and other growers have improved returns on their investment.
The derivative market which this scheme will ultimately engender will provide farmers and other stakeholders in the agro produce market risk mitigating instruments that are capable of returning agriculture to its pride of place and make banks less averse to financing agricultural projects.
Other initiatives include:
ii Provision of a Worldwide Access to Nigerian Agro Produce Market
iii Development of Uniform Weight and Measure
iv Price Information Gathering and Dissemination
v Cereal Produce Banking
vi Sensitization of Agro Processing Companies
I thank you.
Stakeholders