The Nigerian Institute For Oil Palm Research (NIFOR) Childhood Friends of 1979-1983 Association has announced plans to invest heavily in Nigeria’s agricultural sector to support President Bola Tinubu’s efforts in addressing food insecurity.
The President of the association, Mr. Wilson Etinosa Ekhomogiazin, made this known at the association’s 2024 get-together and award ceremony in Benin.
Addressing the gathering, Mr. Ekhomogiazin emphasized that the association’s investment in agriculture would be designed to suit the comparative advantages of each community.
According to him, this would help mitigate the effects of hunger in Nigeria as well as ensure a steady supply of food across the country.
The president further explained that the association is also focused on addressing the growing issue of youth unemployment.
“In line with its objectives, the executive committee has developed a comprehensive plan that includes short-term, medium-term, and long-term programs and activities.”
As part of the short-term initiatives, the association will establish a Business Support Scheme. Through this scheme, the committee plans to raise a minimum of N1 million in seed capital, which will be provided to members in the form of interest-free loans.
He explained that the loans will be available to members who wish to borrow more than N200,000, with a one-month moratorium and a maximum repayment period of six months.
The aim of this initiative is to ensure that members can access funds that will empower them to undertake viable business ventures, with the ultimate goal of benefiting all association members by creating a sustainable cycle of loan redistribution.
Going forward, Mr. Ekhomogiazin revealed that the association intends to diversify into the real estate sector.
He reiterated the group’s commitment to seeing these ambitious plans come to fruition in the near future.