• Youth

Nandi-Ndaitwah urges youth to apply for agri loans

• 5 Months Ago

In a bid to drive youth engagement in the rapidly growing agriculture sector, Vice President Netumbo Nandi-Ndaitwah has called on young Namibians to seize opportunities offered by Agribank, a state-owned financial institute’s.

Speaking at the Namibia National Students Organisations (Nanso) 18th congress, Nandi-Ndaitwah said the agricultural sector has potential for wealth creation.

"The next billionaires are from agriculture, so the youth must venture into the agriculture industry," she said.

'Good news'

Nandi-Ndaitwah revealed that Agribank offers loans to young people without the need for collateral, a move aimed at removing financial barriers for aspiring young farmers.

"I have good news for you, and the good news is that you, the youth, can get a loan from Agribank with no collateral," Nandi-Ndaitwah said.

She encouraged young Namibians to take full advantage of these opportunities, even advising them on what to do if they encounter resistance.

"If you go there and they do not want to help you, tell them Nandi-Ndaitwah sent you there," she stressed.

Financing options

Agribank's public relations officer Fillemon Nangonya elaborated on the women and youth loan scheme in a telephonic interview with The Zone.

According to Nangonya, the scheme targets individuals aged 18 to 35 and offers various financing options.

The scheme includes three financing options, catering to both employed and self-employed individuals.

He said applicants must secure off-take agreements or contracts with buyers for their products.

Additionally, Agribank provides mentorship and training services to support clients.

"Once you get the loan, you have a choice for yourself as a client if you want to be enrolled in this mentorship programme. Other than that, there is also training provided to farmers in various capacities, whether you are a client or not," he said.

Nangonya further noted that for those aged 18 to 25, the scheme offers a low fixed interest rate of 7% for the first loan.

“In cases where land is being purchased, no collateral is required, as the land itself serves as collateral, provided its value aligns with Agribank's assessment,” he concluded.

Overcome challenges

Dawid Emvula (26), a young farmer from the Oshana Region, told The Zone that, in his view, government is not doing enough to support young people who venture into agriculture.

“The first challenge you'll face when venturing into agriculture is capital, especially for those from poor families,” he said.

Emvula, who is involved in the poultry business, says that the poultry subsidy is beneficial but that the sector demands high input costs.

“The price of feed keeps going up day by day; the poultry subsidy does aid established farmers but has a reduced effect on start-ups. The government must provide funds for youth who have existing small projects to empower those who have not started yet."

He emphasised: “Before the government implements policies regarding this sector, they must conduct a survey to ask us farmers.”