Deputy Governor Cites Access to Finance as Key to Revitalizing Rural Communities

Ogun State Deputy Governor, Noimot Salako-Oyedele, has emphasized the importance of access to finance in revitalizing rural communities, particularly in the agricultural sector. Speaking at a meeting with the Chartered Institute of Bankers of Nigeria, led by its national president, Prof. Pius Olanrewaju, Salako-Oyedele stated that the lack of access to finance has been discouraging farming in rural communities, leading to rural dwellers abandoning their agricultural activities and relocating to urban areas.

According to Salako-Oyedele, the state government has made significant strides in various sectors of the economy over the past five years, including industrialization and infrastructural development. She highlighted the recent flag-off of harvest on 200 hectares of rice farmland near the flood plain of the Ogun River in the Magboro area as an example of the government’s efforts to improve food production and security.

The deputy governor emphasized the need for bankers to increase their penetration in rural areas to reduce rural-urban migration. She also noted that the state government is working to expand the agricultural program to about 2,000 hectares and bring in more young people into the agribusiness value chain, training and supporting them to start their own agribusinesses.

Salako-Oyedele appealed to bankers to provide support to smallholder farmers, who are considered high-risk and face challenges accessing finance. She stressed that access to finance is crucial for the growth and survival of smallholder farmers, who employ thousands of people and contribute to food security and standard of living.

In his remarks, Prof. Deji Olanrewaju, President of CIBN, praised the current administration in Ogun State for its efforts in industrialization and infrastructural development, which he believes are the foundation for continuous growth and prosperity. He highlighted the development of companies and industries in different parts of the state as a testament to the effectiveness of the government’s policies.

The meeting aimed to foster collaboration between the government and the banking industry to support rural development and promote economic growth in Ogun State.