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Tag: RUFIN

  • BoI partners RUFIN on soft loans for MSMEs

    BoI partners RUFIN on soft loans for MSMEs

    The Bank of Industry (BoI), executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN) to provide access to soft loans to 100,000 small businesses.

    RUFIN is an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD).

    The deal was part of the Federal Government’s plans to stimulate the economy and deepen financial inclusion for the economically active rural poor.

    It also signals the commencement of events by BoI to reach 100,000 new beneficiaries of MarketMoni through RUFIN across Nigeria’s six geopolitical zones within the second quarter of the year.

    Under the scheme, accredited individuals will have access to quick, easy and interest-free loans of between N10,000 and N100,000 for up to six months at no other costs except a one-time five per cent administrative fee.

    BoI said it hoped to leverage the success of RUFIN’s financial empowerment efforts across 12 states  to reach its target the Government Enterprise Empowerment Programme (GEEP) market.

    Already, the first phase of the loan disbursements is ongoing across Katsina, Nasarawa, Zamfara, Edo, Oyo and Lagos states, driven by RUFIN-mentored microfinance banks (MFBs) and microfinance institutions (MFIs).

    “The participating MFBs and MFIs include BOWEN MFB Limited, Evbovbiorhon Community Farmers Savings and Loans Cooperatives Ltd (ECF), Rural People Development Initiative (RUPEDIN), Self–Reliance Economic Advancement Programme (SEAP) and Development Exchange Centre (DEC),” a statement from the bank said.

    BoI’s Acting Managing Director, BoI, Waheed Olagunju, confirmed that the partnership aligned with the bank’s objective of expanding access to credit for people running micro enterprises below the bottom of the pyramid, majority of which are women.

    He further acknowledged the pivotal role that credit facilities play in economic growth in Nigeria, saying: “BoI’s partnership with RUFIN is geared towards stimulating this process by reaching beneficiaries in rural areas across the federation and including them in Nigeria’s financial landscape.”

    RUFIN’s National Programme Coordinator, Olumuyiwa Azeez, said: “We are proud that our track record has earned us this opportunity to be a channel to reach out to thousands of micro entrepreneurs who hitherto never had opportunity of accessing fund to boost their businesses.”

    He said this was in line with the Minister of Agriculture and Rural Development, Chief Audu Ogbeh’s plan to get life back to the rural people.

    The MarketMoni programme targets 1.6 million beneficiaries in a year. This population consists of one million micro-enterprises of market traders (women and men); 260,000 artisans, 200,000 farmers and/or agriculture workers and 200,000 enterprising youths broadly.

    It is expected that beneficiaries of the scheme would go on to create at least one new job in their localities as a result of the intervention.

  • Union Bank, group sign MoU to finance farmers

    Union Bank, group sign MoU to finance farmers

    The Rural Finance Institution Building Programme (RUFIN) yesterday signed a Memorandum of Understanding (MoU) with Union Bank Nigeria Plc to enhance access to finance for rural farmers.

    The National Programme Coordinator, Mr. Olumuyiwa Azeez, during the signing of the MoU in Abuja, said the MoU was  part of efforts made to ensure that credits are made available to rural farmers.

    He said: “The essence of this is to ensure that small scale farmers will now have access to credit; we intend to involve the Nigeria Incentive-Base Risk Sharing System for Agricultural Lending (NIRSAL) to ensure that they provide security for the farmers.

    “We hope that Union Bank will ensure that our farmers who already have off-takers for the produce are supported to enhance production.

    “We are counting on you; we have numerous farmers in all the RUFIN states and this is very successful; we will then upscale it to all the RUFIN participating states and beyond.”

    He assured the bank that the farmers who are expected to benefit from the credit has been properly trained and given financial education, adding that the farmers are in group which will guarantee they pay back loans given to them.

    The coordinator said RUFIN’s capacity building programmes would be extended to the bank for them to benefit.

    He said government was determined to diversify the economy, reduce import bill on agriculture and increase foreign exchange generation through agriculture to ensure that Nigerians eat and grow.

  • IFAD spends $317m on 10 projects in Nigeria – FG

    IFAD spends $317m on 10 projects in Nigeria – FG

    The International Fund for Agricultural Development Fund (IFAD) has spent $317.6 million in financing over 10 projects in Nigeria, the Federal Government has said.

    The government said that Nigeria’s contribution to IFAD’s resources had increased from $4.1 million in 2013 to $11.8 million in 2014.

    The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr. Shehu Ahmed, said this on Monday in Abuja at a sharing and learning workshop on Monitoring and Evaluation (M&E) organized by IFAD for participating countries in West and Central Africa.

    Ahmed, who was represented by the Director, Rural Development, Mr. Olumuyiwa Azeez, said that Nigeria has been collaborating with the organization for over 30 years to increase access to finance by rural farmers.

    “Nigeria as a founding member of the IFAD has been collaborating with the body for over 30 years with IFAD financing over 10 projects in Nigeria for a total amount of US$317.6 million.

    “The Nigeria portfolio is one of the most important in the sub-Saharan Africa and globally. In addition, Nigeria has been contributing significantly to the replenishment of IFAD resources.

    “I am happy to learn that the level of disbursement of the Nigeria portfolio has improved significantly with increase of 187% from US$4.1 million in 2013 – 2014 to US$11.8 million during 2014.

    “The size of IFAD loans to Nigeria has continued to grow over the years and it has concluded country programme evaluation and would develop new country strategy for 2016/2020.

    “We are glad that the Fund will continue to work in partnership with Federal and state Governments in the adoption of market-led approach to drive inclusive growth for small holder farmers, women, youth and entrepreneur.”

    The permanent secretary pledged government’s commitment to its long standing relationship with IFAD and to the success of its programmes.

    Ahmed said IFAD financed 10 projects in the country which include; Community-Based Natural Resources Management Programme (CBNRMP) and Rural Finance Institutions Building Programme (RUFIN).

    Others are; Value Change Development Programme (VCDP), Climate Change Adaption and Agribusiness Support Programme among others.

    In his remarks, the Director, West and Central African Division, IFAD, Mr. Ides de Willebios, said, the workshop had brought together project teams from seven Anglophones African countries.

    He listed the participating countries as Ghana, Liberia, Malawi, Sierra Leone, The Gambia, Uganda and Nigeria; and IFAD country teams, specialized consultants and representatives from Ministries of Agriculture.

    He said the workshop was part of a wider regional capacity building programme for management teams of IFAD supported projects and programmes.

    According to him, said there was a great deal to learn from the variety of country context, adding that building bonds among professional practitioners confronted with similar challenges was essential.

    The director said in the last annual performance reviews of the IFAD portfolio in the region, weaknesses in management, notably strategic planning and M&E was repeatedly identified.

    According to him, M&E is still not often used as a management tool to facilitate informed decision making and projects results are not systematically documented.

    He said the ultimate goal of the workshop was to improve the performance of programmes so as to enhance the likelihood of reaching development objectives and the expected impact on reducing rural poverty and agricultural development

    He expressed IFAD’s gratitude to the Government of Nigeria for its continuous commitment to a strong cooperation with IFAD and in particular to the Federal Ministry of Agriculture and Rural Development for its strong support.

  • RUFIN, The Nation’s Daniel Essiet, others bag agricultural awards

    For members of the Rural Finance Institution Building, RUFIN, which is a Federal Government of Nigeria/International Fund for Agriculture Development (FGN/IFAD)-Assisted programme, Mr. Daniel Essiet of The Nation and other personages, penultimate Wednesday was their moment of glory as they were deservedly recognised and rewarded for their modest contributions to the service of humanity.

    The event was the second edition of the Nigerian Agriculture Awards (NAA), an annual event oganised by Verdure Vision, publishers of AgroNigeria Magazine.

    Some the award recipients, the National Coordinator, RUFIN, Mr. Azeez Olumuyiwa won the Development Partner of the Year, R&D Award.

    The Nation’s Essiet won the Agro-Journalist of the Year award for his consistence reportage on the agriculture sub-sector.

    Co-founder and CEO of Cellulant Nigeria, Bolaji Akinboro receive the Achiever in Agriculture Award for the company’s E-wallet technology – a digital platform that has transformed the lives of more than 14 million farmers in Nigeria.

    Prominent industrialist and investor, Alhaji Sani Dangote and Okomu Oil Palm Plc., Prof. Ango Abdullahi among others were also recognised.

    This year, the Central Committee of the NAA designed a total of 15 award categories including Achievement in Agriculture, Nagropreneur of the Year, Agric Bank of the Year, Agro-Brand of the Year, Agro-Innovator of the Year, Agro-Journalist of the Year, Corporate Social Responsibility Award, Agriculture Destination of the Year, Agro-Investor of the Year, Development Partner of the Year, R&D Award, Input Company of the Year, Agro Ambassador of the Year, Agro Commissioner of the Year and Farmer of the Year Awards.

  • 46000 rural farmers get loans

    46000 rural farmers get loans

    The Rural Finance Institution Building (RUFIN) programme has facilitated loans for 46,000 rural farmers to boost rural agriculture and small businesses, the Country Programme Manager of the International Fund for Agricultural Development (IFAD), Ms Toda Atsuko, has said.

    Speaking with reporters in Abuja, she identified counterpart funding and low commitment level of the government as the major challenges militating against the programme’s progress.

    She, however, said IFAD was doing everything to ensure that RUFIN have access to funds and continue to make progress.

    She stressed the need to make people in the rural areas to understand that banking and saving were important to develop agro and commercial businesses.

    “The programme has formed over 5500 groups, about 46000 borrowers even more savers. RUFIN’s successes is in the outreach, making sure that more people are financially included,” Atsuko said.

    Atsuko said Micro Finance Banks (MFBs) and financial NGOs should understand that rural lending was profitable, adding that it is a business they can make money from.

    She urged the Central Bank of Nigeria (CBN) not to over regulate the MFBs, noting that the CBN should ensure theygrow by creating the enabling environment for the MFBs to become sustainable.

    Atsuko expressed hopes that the states governments, CBN, the Bank of Agriculture and the apex associations would consolidate on the success of RUFIN when the project was over.

    RUFIN is being implemented over a seven-year period in 12 states across the six geopolitical zones, with two from each zone.

    The programme, which targets marginalised groups, such as women, young people and those with physical disabilities, enjoys financial assistance from the International Fund for Agricultural Development (IFAD), a United nations (UN) agency.

    The objective of the programme is to strengthen micro finance institutions and establish linkages between them and formal financial institutions.