In a significant move to strengthen the agricultural sector, the Oyo State Government has approved the disbursement of additional funds under its single-digit interest loan scheme to support farmers across the state. The initiative is part of Governor Seyi Makinde’s broader commitment to food security, job creation, and rural development.
The Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, made the announcement during an interactive session with farmers held at the ACCOS headquarters in Ibadan.
According to Akeugbagold, the newly approved funds will further empower farmers to increase productivity in crop cultivation, livestock management, and agro-processing. “The Oyo State Government, through ACCOS, is providing more opportunities for farmers to access agricultural loans and expand their operations. This will contribute meaningfully to the state’s food system,” he said.
He emphasized that the scheme targets both existing and new beneficiaries, with a special focus on reaching farmers at the grassroots level across all 33 local government areas of the state.
“The idea is to ensure that no genuine farmer is left behind. Whether you are a smallholder farmer or involved in commercial-scale farming, as long as you meet the eligibility criteria, you can benefit,” Akeugbagold added.
Encouraging beneficiaries to meet their repayment obligations, he stressed the importance of sustainability: “Loan repayment is essential to keeping this initiative alive. Those who repay will remain eligible for future financial support, while defaulting may limit access and affect others waiting to benefit.”
The Agricultural Credit Corporation of Oyo State, established to offer financial support to farmers at a single-digit administrative rate, has reportedly empowered thousands of farmers under Governor Makinde’s leadership. This, according to Akeugbagold, has led to significant increases in yields and farm investment.
He also assured stakeholders that the loan disbursement process remains transparent and free of political or sectional influence. “We are committed to an inclusive and fair process. Our only interest is in supporting the genuine farmer who is ready to work,” he concluded.
Speaking on behalf of the farming community, Mr. Adeboje Samson from Atisbo expressed gratitude to the governor. “We appreciate Governor Makinde for the continuous support. These loans are changing lives and helping us improve our output,” he said.
The expanded loan scheme is expected to play a key role in enhancing food production and strengthening the state’s agricultural value chain.
