South East Businessmen Don’t Repay Loans, Bank Of Agriculture Laments
The Bank of Agriculture has decried the alleged unwillingness of South - East businessmen to repay loans .
A representative of Bank of Agriculture ’ s South - East Zonal Office , Enugu , Mr Aaron Obigbo , who spoke at a workshop organised by a research institute , the Development Strategy Centre, Enugu, raised the alarm over the high rate of loan defaulters among borrowers in the South - East .
The workshop themed , “ Pro - poor growth , unemployment and poverty in Nigeria : A South - East agenda ” , was organised in partnership with the African Economic Research Consortium , Kenya.
Speaking at the workshop , Obigbo said the Bank of Agriculture was faced with challenges that stemmed from the unwillingness of its borrowers in the South -East to pay back loans obtained from the bank .
Obigbo also disclosed that businessmen usually disguise as farmers to approach the bank for loans in the zone.
He said , “ Our (South - East ) businessmen come to the Bank of Agriculture and borrow money and they will not repay .
“ Some will collect inputs and sell them . They collect these inputs as farmers but they are not farmers .
“ The man in the North will collect loans from BOA and pay back but our big men from the South - East collect this money and don ’t bother to pay back . ”
Obigbo also decried the inability of state governments in the South - East to take advantage of various schemes initiated by the bank , particularly the Anchor Programme, to better the lives of the people in the region .
According to him , while states in the northern part of the country are maximising the opportunities provided by the Bank of Agriculture , many states in the South - East are yet to identify with the bank .
Obigbo urged South - East governments to utilise the funding opportunities provided by BOA, and also abide by the institution’ s terms and conditions .
The Managing Partner of the Development Strategy Centre, Dr Cosmas Ohaka , in a paper presented at the workshop , noted that the steady growth recorded by the Nigerian economy between 2000 and 2015 did not lead to a decline in the level of poverty in the country within the period .
He said , rather , the poverty level continued to rise, despite the recorded economic growth .
“ Available data show that every region witnessed a rise in poverty incidence between 2000 and 2015 — the same period that Nigeria recorded steady growth .
“ This seems to indicate that increase in economic growth does not automatically translate to decline in poverty incidence in any of the regions in Nigeria ,” Ohaka said .
He pointed out that people with low education are unlikely to benefit from economic growth .
He said , “Even if growth continues for the next couple of decades , some people will still not benefit from it due to their level of education that makes them unemployable . ” http://punchng.com/seast-businessmen-dont-repay-loans-bank-of-agric-laments/
A representative of Bank of Agriculture ’ s South - East Zonal Office , Enugu , Mr Aaron Obigbo , who spoke at a workshop organised by a research institute , the Development Strategy Centre, Enugu, raised the alarm over the high rate of loan defaulters among borrowers in the South - East .
The workshop themed , “ Pro - poor growth , unemployment and poverty in Nigeria : A South - East agenda ” , was organised in partnership with the African Economic Research Consortium , Kenya.
Speaking at the workshop , Obigbo said the Bank of Agriculture was faced with challenges that stemmed from the unwillingness of its borrowers in the South -East to pay back loans obtained from the bank .
Obigbo also disclosed that businessmen usually disguise as farmers to approach the bank for loans in the zone.
He said , “ Our (South - East ) businessmen come to the Bank of Agriculture and borrow money and they will not repay .
“ Some will collect inputs and sell them . They collect these inputs as farmers but they are not farmers .
“ The man in the North will collect loans from BOA and pay back but our big men from the South - East collect this money and don ’t bother to pay back . ”
Obigbo also decried the inability of state governments in the South - East to take advantage of various schemes initiated by the bank , particularly the Anchor Programme, to better the lives of the people in the region .
According to him , while states in the northern part of the country are maximising the opportunities provided by the Bank of Agriculture , many states in the South - East are yet to identify with the bank .
Obigbo urged South - East governments to utilise the funding opportunities provided by BOA, and also abide by the institution’ s terms and conditions .
The Managing Partner of the Development Strategy Centre, Dr Cosmas Ohaka , in a paper presented at the workshop , noted that the steady growth recorded by the Nigerian economy between 2000 and 2015 did not lead to a decline in the level of poverty in the country within the period .
He said , rather , the poverty level continued to rise, despite the recorded economic growth .
“ Available data show that every region witnessed a rise in poverty incidence between 2000 and 2015 — the same period that Nigeria recorded steady growth .
“ This seems to indicate that increase in economic growth does not automatically translate to decline in poverty incidence in any of the regions in Nigeria ,” Ohaka said .
He pointed out that people with low education are unlikely to benefit from economic growth .
He said , “Even if growth continues for the next couple of decades , some people will still not benefit from it due to their level of education that makes them unemployable . ” http://punchng.com/seast-businessmen-dont-repay-loans-bank-of-agric-laments/
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