Cassava seed manufacturers have raised worries over their incapability to get right of entry to loans and coverage cowl to hedge in opposition to risks.
They spoke at the second one version of the cassava seed enterprise summit prepared with the aid of using the Building an Economically Sustainable and Integrated Cassava Seed System, Phase 2 (BASICS-II) task of the International Institute of Tropical Agriculture (IITA).
Mr Charles Adeniji, President of Industrial Cassava Stakeholders Association of Nigeria (ICSAN), referred to that despite the fact that the Central Bank of Nigeria, industrial banks and microfinance banks have investment programs, they're normally careworn with the aid of using administrative and procedure demanding situations that make get right of entry to hard.
His words: “Generally, financing is to be had with the Central Bank of Nigeria. The industrial banks and microfinance banks have intervention funds. But there are obstacles to get right of entry to, high-hobby costs, quick tenure, and frequently strident situations.”
According to Dr Augusta Amajuoyi, the Vice President of the National Association of Cassava Seed Entrepreneurs Network (NACSEN), terrible get right of entry to to loans became a chief undertaking for a non-public area-led cassava seed gadget.
“Seed marketers discover it hard to get loans due to the cruel situations given with the aid of using banks soliciting for collateral and all way of things. Sometimes, hobby costs are as much as 28%,” she lamented.
The Summit, themed: “Financing and Insurance Opportunities for the Sustainable Growth of the Cassava Seed System”, became held truly recently, with over one hundred thirty cassava marketers and stakeholders in attendance.
The Summit featured panel sessions. The first consultation addressed “The Business of Cassava Stem Production: Emerging Activities of Cassava Seed Entrepreneurs, and Challenges Affecting the Sustainability of the Cassava Seed System”, and the second one consultation targeted on “Exploring Financing Opportunities for Seed Entrepreneurs withinside the Cassava Value Chain.”
Stakeholders underscored the significance of financing and coverage for cassava seed ventures and charged authorities and finance establishments to deal with the investment bottlenecks.
In his welcome remarks, Temitope Adegoroye, Managing Partner at Sahel Consulting, the summit convener and one of the imposing companions of BASICS-II, said that finance and coverage had been essential for sustainable increase withinside the cassava seed gadget. He known as for non-stop collaboration of stakeholders withinside the area to especially aid and discover financing and coverage possibilities for seed manufacturers in the fee chain.
“A sustainable cassava seed gadget could catalyze the capacity of cassava given the country’s fame as the very best manufacturer of the crop withinside the world,” he said.
In the keynote deal with, the Permanent Secretary of the Federal Ministry of Agriculture and Rural Development (FMARD), Mr Ernest Umakhihe, recommended seed companies to make coverage covers a part of their enterprise strategies.
Mrs Sugra Mahmood, Deputy Director Irrigation, Federal Department of Agriculture, who represented the Permanent Secretary, harassed the want for consciousness introduction at the enterprise possibilities of cassava seed multiplication and the significance of partnerships and collaboration to aid the increase of a sustainable cassava seed gadget.
Mr Ayodele Olaleye, Head, Agriculture Insurance, Veritas Kapital; Mr Olushola Obikanye, Group Head of Agriculture, Sterling Bank; and Mr Stephen Magige, Country Manager of Mennonite Economic Development Associates (MEDA) Tanzania, spoke at the diverse financing and coverage possibilities to be had to stakeholders withinside the cassava fee chain. They emphasised the significance of improving farmers’ get right of entry to to finance and coverage services.
Dr Godwin Asumugha, Acting Executive Director, National Root Crops Research Institute (NRCRI), Umudike, Prof Lateef Sanni, IITA BASICS-II Project Manager, and Mr Paul Enecko, Zonal Manager of Mennonite Economic Development Associates (MEDA) in Tanzania, defined the stairs being taken to increase the cassava seed gadget in Nigeria and Tanzania. Sir. Francis Chia, President of the National Association of Cassava Seed Entrepreneurs Network (NACSEN) said that the introduction of institutions for cassava seed marketers, ability constructing and selling get right of entry to to first rate planting materials, had been key to increase withinside the cassava seed gadget.
In his ultimate remarks, Dr Phillip Ojo, Director General, National Agricultural Seeds Council (NASC) expressed optimism approximately the catalyzed increase of the cassava fee chain. He solicited the non-stop collaboration of stakeholders closer to a sturdy and colourful seed gadget.