In a major stride toward empowering smallholder farmers and fisher folks with vital business skills, the Lagos State Agricultural Development Authority (LSADA) has concluded a three-day intensive Financial Literacy Training for over 200 participants across the Epe, Ikorodu, and Badagry agricultural zones.
The training, organised in collaboration with LAPO Microfinance Bank and Unitrust Insurance, was designed to equip farmers and fisher folks with the knowledge and practical tools needed to better manage their finances, enhance productivity, reduce risk, and build sustainable agricultural businesses.
Participants were taken through a series of carefully structured lectures designed to strengthen their financial capacity. These included Personal and Farm Financial Management, where they learned about budgeting, income planning, debt control, record-keeping, and profit analysis to improve farm operations.
The training also emphasised the importance of a strong savings culture and introduced Agricultural Insurance and Risk Management strategies to help farmers protect their livelihoods against unforeseen challenges.
The training sessions, held in the three agricultural zones of Lagos, were strategically decentralised to ensure inclusiveness and maximum participation by local farmers and fisher folks who often face barriers to accessing centralised training opportunities.
According to Mr. Serriki Musa Abayomi, Head of Component, Rural Institution Development at LSADA, the programmr reflects the agency’s commitment to enhancing the entrepreneurial capacity of rural farmers:
In his words, “The purpose is to ensure that our farmers can make informed decisions about financial services that directly impact their livelihoods. We believe this knowledge will not only strengthen their businesses but also improve food security in the state by ensuring more financially stable and productive agricultural enterprises.”
He added that the initiative is part of a broader effort by the Lagos State Government to promote agricultural transformation and rural development, in line with the THEMES Plus Agenda of Governor Babajide Sanwo-Olu’s administration.
Representatives from LAPO Microfinance Bank and Unitrust Insurance provided participants with valuable insights into the “5 Cs” of agricultural lending: Character, Capacity, Condition, Capital, and Collateral, while explaining how tailored financial products and agricultural insurance can serve as safety nets during unforeseen events.
With growing concerns about food security, climate change, and rural poverty, LSADA’s financial literacy initiative aims to bridge the knowledge gap among grassroots farmers and empower them to thrive in a competitive agricultural economy. | Facebook/Lagos State Government
