FG Pursues Single-digit Interest Rate, Loan Moratorium to Boost Livestock Sector
Bennett Oghifo Minister of Livestock Development, Alhaji Idi Muktar Maiha, has assured stakeholders in the sector that the ministry would liaise with the Federal Ministry of Finance and Central Bank
The Federal Government is striving to secure single-digit interest rates and extended loan tenures for the livestock sector, according to Alhaji Idi Muktar Maiha, Minister of Livestock Development and Bennie Oghifo. The initiative aims to boost growth in the industry by making loans more accessible and affordable. During a visit to ABIS Ultra-Modern Livestock Processing Factory in Lekki, Lagos, Maiha emphasized the importance of pension capital loans and long-term repayment periods, ideally minimum 10 years.
The minister commended the ABIS group for bringing modernity to the livestock processing business and creating employment opportunities for women. He pledged to work with Lagos State government and ensure the creation of certified abattoirs nationwide. ABIS Group founder, Ambassador Emmanuel Usman Nelson, stated that government support through loans at single-digit interest rates would fuel change in the sector.
Nelson also advised herders to embrace modernized livestock rearing practices and urged the government to improve road access and land availability for business expansion.
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