Yobe Signs Financing Agreement for Community Revolving Fund Loan,7,340 Farmers to Benefit

The Yobe State Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project has Wednesday signed a financing agreement and memorandum of acceptance for a Community Revolving Fund (CRF) loan to support 101 scale-up communities across the state.

Yobe State Project Coordinator ACReSAL,Shehu Mohammed stated that the initiative marks the beginning of a transformative phase in community empowerment, sustainability, and resilience-building. 

According to him,the CRF is a non-interest loan designed to stimulate economic activities, enhance farmers' livelihoods, and promote responsible financial management within communities.

He further revealed that,the project will benefit 482 community groups/farmer cooperatives, with 7,340 direct beneficiaries, including 4,857 males and 2,483 females, representing nearly 50% women inclusion where each community will receive $25,000, totaling $2.525 million in revolving funds.

He urged beneficiaries to use the funds judiciously, repay promptly, and prioritize collective benefit over individual gain. 

Shehu emphasized the importance of discipline, accountability, and fairness to ensure the continuity of the initiative beyond the project's lifespan.

In his remarks, the Commissioner of Environment and Chairman,State Steering Committee,at the signing of the Financing Agreement and Memorandum of Acceptance for the Community Revolving Fund (CRF) Loan to 101 scale-up communities across 17 LGAs of Yobe State under the Yobe ACReSAL Project, represented by the Permanent Secretary of the Ministry, said that the initiative represents Governor Mai Mala Buni’s commitment to supporting farmers, fostering innovation, and enhancing agricultural productivity in the state. 

 

"The transformative initiatives of Governor Mai Mala Buni are unparalleled.Under his leadership, the sector has witnessed unprecedented progress in both Climate-Smart Agriculture and animal production, providing great encouragement to our farmers,"the Commissioner added.  

He congratulated all the beneficiaries and urged them to repay the funds within the specified timeframe.

The ACReSAL project, supported by the World Bank, aims to combat environmental degradation and promote climate-smart livelihoods across Nigeria's 19 northern states and the Federal Capital Territory. 

Yobe State is the only state among the eight pilot states to achieve this milestone, expanding the CRF intervention to 101 additional communities after successful disbursement and recovery in 10 pilot communities.