Olam Grants Interest-Free Fund To Cocoa Farmers
AS Olam Nigeria Limited, a leading agri-business company announced its annual results under its Olam Livelihood Charter (OLC), about 12,000 cocoa, cashew and sesame farmers have received over N536 million as financing at zero interest rate.
Head, Corporate and Government Relations, Ade Adefeko, Olam Nigeria said this was in support of smallholder communities in Olam’s networks through eight principles.
They include the principles of financial support, improved yields, better labour practices, market access, improved crop quality, traceability, social investment and minimising environmental impact.
According to Adefeko, three of Olam International’s 30 flagship OLC initiatives are in Nigeria, where Olam works with cashew, cocoa and sesame smallholder farmers.
The Corporate Relations Head revealed that since the OLC, which enters the fourth year, was launched in 2010, the number of Nigerian farmers benefitting from all eight OLC principles has risen to over 12,000 small-scale farmers, spanning almost 25,000 hectares of cultivated land.
The programme is in collaboration with TechnoServe based in Washington and New York based Rainforest Alliance as well as other local agronomists in Nigeria.
The statement says these and other initiatives provide zero interest financing and agri-inputs, training on good agricultural and labour practices, as well as social investment in the community.
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