Stakeholders appraise RUFIN impact on rural farmers, businesses
Stakeholders from agricultural and financial sectors yesterday met in Abuja to assess the impact of the Rural Finance Institution Building Programme (RUFIN). It is a loan agreement of US$40.7m between the International Fund for Agricultural Development (IFAD) and the Federal Government. The programme sought to develop and support micro finance banks (MFBs), other member-based micro […]
Stakeholders from agricultural and financial sectors yesterday met in Abuja to assess the impact of the Rural Finance Institution Building Programme (RUFIN). It is a loan agreement of US$40.7m between the International Fund for Agricultural Development (IFAD) and the Federal Government.
The programme sought to develop and support micro finance banks (MFBs), other member-based micro finance institutions (MFls), by enhancing rural poor (especially poor farmers, women, youths and the physically challenged) access to financial services in order to expand and improve agricultural productivity and micro-small rural enterprises.
The programme implemented along with the Central Bank of Nigeria (CBN), the National Poverty Eradication Programme (NAPEP), Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) and the Federal Department of Cooperatives (FDC).
Speaking at the RUFIN project completion review stakeholder workshop, Dr Ben Odoemena, IFAD Nigeria Programme Officer told journalists that the review workshop was to bring all the key stakeholders that implemented the project to begin to look at what the project has achieved and the impact on the beneficiaries.
Dr Odoemena said the FGN and IFAD supported RUFIN has in the last seven years of the implementation impacted on the stabilization of the rural microfinance sector in collaboration with the Central Bank of Nigeria (CBN) adding that the benefited states seek for extension.
Uneku Ufaruna, the Deputy National Coordinator of RUFIN told Daily Trust that the programme has had huge impact on the rural poor stressing that the reason why the poor remain poor was lack of access to finance, something she said the programme has try to address in the last seven years.
On her part, Mrs Sadiku Munet, Project Officer at the Ministry of Finance said the ministry was ready to support the second phase of the programme in view of the success recorded in the first phase; adding that “the minister is willing to see how the impact of the project can be extended to other states.”
Mrs Munet stated that as soon as the Federal Ministry of Agriculture and Rural Development writes to the Ministry of Finance for extension, the ministry will support with necessary funding stressing that projects have significant role in Nigerian economy under recession.
The RUFIN PCR Lead Consultant, Mr. David Young noted that the project overall impact were both at individual and group levels noting that before now access to finance at the rural level has been a huge challenge for many farmers across sub-Saharan Africa.
The first phase of the programme, which began in 2010, ends this year while participating states and other stakeholders like the Federal Ministry of Agriculture and Rural Development express desire for extension.