The Lagos State Agricultural Development Authority (LSADA) has completed a three-day financial literacy training programme for more than 200 smallholder farmers and fisherfolk across the Epe, Ikorodu, and Badagry agricultural zones.
The initiative, a collaboration with LAPO Microfinance Bank and Unitrust Insurance, aimed to equip participants with the essential business skills needed to enhance their productivity and build sustainable agricultural enterprises.
The training covered crucial topics such as Personal and Farm Financial Management, which included budgeting, income planning, debt control, and record-keeping to improve farm operations.
Participants also learned about the importance of a strong savings culture and were introduced to Agricultural Insurance and Risk Management strategies to safeguard their livelihoods against unexpected challenges.
The training was strategically held in three different agricultural zones to ensure maximum participation and inclusivity for local farmers and fisherfolk who may face challenges accessing centralised training opportunities.
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According to Serriki Abayomi, Head of Component, Rural Institution Development at LSADA, the program reflects the agency’s commitment to building the entrepreneurial skills of rural farmers.
He stated that the goal is to enable farmers to make informed financial decisions that will not only strengthen their businesses but also contribute to improved food security in the state.
This initiative is part of the Lagos State Government’s wider effort to promote agricultural transformation and rural development, aligning with Governor Babajide Sanwo-Olu’s THEMES Plus Agenda.
Representatives from LAPO Microfinance Bank and Unitrust Insurance provided insights into the “5 Cs” of agricultural lending: Character, Capacity, Condition, Capital, and Collateral.
They also explained how tailored financial products and agricultural insurance can act as a safety net during unforeseen events.
The LSADA’s program is a proactive step to bridge the knowledge gap among grassroots farmers and empower them to thrive in a competitive agricultural economy amidst growing concerns about food security, climate change, and rural poverty.
