Yobe’s Green Revolution: N325 Million Boost for Sustainable Farming
In a landmark initiative to promote sustainable agriculture and combat poverty, the Yobe State Government has announced the launch of a N325 million non-interest revolving fund.
This financial boost is set to transform the agricultural landscape by enhancing farmers’ access to much-needed capital, fostering productivity, and encouraging the adoption of climate-smart practices.
The fund, which aligns with the World Bank’s Agro Climatic Resilience in Semi-Arid Landscape (ACReSAL) project, was inaugurated by Governor Mai Mala Buni in Damaturu.
The governor, represented by Deputy Governor Alhaji Idi Gubana, emphasised the project’s goal to rejuvenate degraded lands and alleviate poverty across the state.
In a strategic move, the World Bank will channel the equivalent of 250,000 dollars through the ACReSAL project, translating to a substantial N325 million given the current exchange rate of N1,300 per dollar.
The scheme will initially benefit 10 pilot communities within the microwatersheds of Damaturu and Nguru, with each community receiving an equivalent of 25,000 dollars, or N32.5 million, to bolster agribusinesses and enhance livelihoods.
Governor Buni lauded the collaborative efforts of the ACReSAL task team, the Federal Project Management Unit, and other stakeholders for their dedication to the project’s success.
Alhaji Shehu Mohammed, the ACReSAL Project Coordinator, clarified that the Community Revolving Fund (CRF) is not a grant but an investment designed to perpetuate growth and communal benefit.
He urged recipients to ensure the fund’s longevity through diligent repayment, thereby enabling a wider circle of farmers to reap the benefits.
The coordinator also outlined the eligibility criteria for accessing the fund, which include residency within the participating community and a minimum one-year membership in a registered farmer group.
The groups, comprising 10 to 25 members, are expected to engage in or express a willingness to adopt climate-smart agricultural or agro-enterprise activities.
This innovative approach to agricultural financing marks a significant step towards a greener future for Yobe, setting a precedent for responsible and sustainable development in the region.
