Heritage Bank Plc recently stated that it is supporting a food processing company, NatnudO Foods, in its determination to make poultry affordable and accessible to the people.
Team member, Agric Finance, Specialised Banking, Heritage Bank, Adelana Ogunjirin, said the bank decided to collaborate with the company in order to ease the burden of poultry production in the country.
According to him, the interest of Heritage Bank in agriculture and food production in the country was second to none as it was impossible to increase productivity on an empty stomach. And so, the bank is supporting the company in the area of funding infrastructural projects required to make agricultural business more productive for farmers in different parts of the country.
Ogunjirin stated that the project structure on ground, as prepared by NatnudO, had helped to reduce the level of risk which could influence the lucrativeness to different parties, as the bank supported such projects with the Central Bank of Nigeria intervention fund with a maximum interest rate of nine per cent.
As a result, he promised that Heritage Bank would be willing to support such projects at any time as long as it would boost agricultural produce in the country.
The Coordinator, natnudO Foods’ broilerout-grower scheme, tagged “natnuPreneur”, Gbolade Adewole, admitted that Heritage Bank had been supportive in making the required infrastructure available for the participating farmers on the project, commending the bank for standing out as a veritable pillar upon which the food production initiative of NatnudO Foods was resting.
According to him, farmers are getting more interested because they enjoy between 7.5 per cent and 15 per cent profit on investment per cycle.
However, he implored Heritage Bank to get ready to do more for the farmers who are increasingly showing more interest in the scheme.
“With a potential to conclude five cycles per year, efficient farmers stand to make between 37.5 per cent -75 per cent profit, making natnuPreneur ‘broiler out-grower’ scheme the most profitable in the country, he said.”