Yola: Alhaji Idi Mukhtar, the Minister of Livestock Development, on Wednesday praised the financial support provided by the Development Bank of Nigeria (DBN) and the World Bank-funded Livestock Productivity and Resilience Support (LPRES) initiative aimed at enhancing the livestock sector.
According to News Agency of Nigeria, the commendation was made during a regional training session for Small and Medium Enterprises (SMEs) and Participating Financial Institutions (PFIs) involved in the LPRES Project. Held on Tuesday, the training sought to address financing gaps within the livestock industry, facilitating access to credit for farmers and value chain operators in the North-east region.
Mukhtar highlighted the effectiveness of the approach that brings together PFIs, livestock producers, and farmers to tackle financing challenges in the sector. He stressed the necessity for stakeholders to grasp the intricacies of the livestock business and collaborate closely with farmers and producers to ensure improved access to credit facilities.
Dr. Tony Okpanachi, Managing Director of DBN, remarked that the bank is spearheading the LPRES Project to enhance financial access for livestock value chain operators. Represented by Mr. Ayodele Ojosipe, Head of Business Development, Okpanachi explained that the initiative allows banks and MSMEs to identify risks associated with livestock lending and jointly develop customized financial products. Through its subsidiary, Impact Credit Guarantee Limited (ICGL), DBN offers credit guarantees to mitigate transaction risks and stimulate lending to livestock enterprises.
Mrs. Heather-Ronke Akanni, a Value Chain Consultant for the LPRES Project, mentioned that the six-year programme, set to conclude in 2028, is operational in 20 states and encompasses various value chains including poultry, piggery, sheep, goat, dairy, hides, and skins. The project also emphasizes herders/farmers’ conflict prevention and establishing market linkages while preparing SMEs to meet loan prerequisites through capacity building.
Participant Mrs. Cicilia Dauda underscored the significance of the training for poultry farmers and other livestock producers, noting that it provided valuable insights into accessing loans to expand operations and acquire necessary equipment. The News Agency of Nigeria reports that the event drew participants from North-eastern states, including 200 PFIs, 300 SMEs, and ministry representatives nationwide.