Thursday, April 25, 2024

AFOS Foundation Calls for Best Practices in Agribusiness Finance

The AFOS-NIG Foundation, a German non-governmental organization dealing with the provision of technical support to agribusiness owners in Nigeria, has charged farmers, agribusiness owners, and microfinance banks to adopt global best practices to stimulate lending at local levels.

The AFOS-NIG Foundation, a German non-governmental organization dealing with the provision of technical support to agribusiness owners in Nigeria, has charged farmers, agribusiness owners, and microfinance banks to adopt global best practices to stimulate lending at local levels.

The Chief Executive Officer and Country Representative, AFOS Foundations, Mr. Oladipupo Akoni, made this call during the working visit of the Nigerian agribusiness stakeholders to meet with institutions and chambers of commerce responsible for German vocational education and training (VET) and entrepreneurial financing.

Akoni noted that the visitation allowed the delegation to learn from its senior advisor about the best model for providing in-depth market knowledge, impact, and climate expertise to private companies operating in developing and emerging countries, focusing on direct loans and equity investment as well as investing in local banks and financiers to stimulate lending.

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The DG emphasized the need for farmers to engage in public relations and marketing as a sustainability strategy by sensitizing their customers to secure their buy-in, financial investment, and commitment to business growth and continuity.

He advised farmers to adopt practices geared towards overcoming their current challenges, improving their earnings, and contributing more to the nation’s gross domestic product (GDP).

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“In Nigeria, the microfinance and agricultural sectors face significant capacity development challenges that undermine the sectors’ potential impact. At the AFOS Foundation, we recognize that these sectors must undergo transformation to improve overall efficiency and effectiveness.

“With the lessons learned by the delegation during this exposure trip, we are urging all relevant stakeholders in the Nigerian agricultural sector to take positive actions that will guide the policy makers in the sector in the right direction with a view to improving its benefits for farmers, MFBs, agribusiness owners, and the overall economy”, he advised.

 

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