The Lagos State Agricultural Development Authority (LSADA) has successfully concluded a three-day intensive financial literacy training for more than 200 smallholder farmers and fisher folks across the Epe, Ikorodu, and Badagry agricultural zones.
The initiative, held in partnership with LAPO Microfinance Bank and Unitrust Insurance, was designed to build the financial capacity of participants, equipping them with the knowledge and practical tools needed to effectively manage their income, reduce risks, and run sustainable agribusinesses.
During the sessions, farmers were exposed to a wide range of topics including personal and farm financial management, budgeting, income planning, debt control, record-keeping, and profit analysis. The program also highlighted the importance of cultivating a savings culture, while introducing participants to agricultural insurance and risk management strategies aimed at safeguarding their livelihoods.
By decentralising the training across three agricultural zones, LSADA ensured inclusiveness and increased participation among rural farmers and fisher folks who often encounter challenges in accessing centralised training opportunities.
Speaking at the programme, Mr. Serriki Musa Abayomi, Head of Component, Rural Institution Development at LSADA, noted that the initiative demonstrates the agency’s commitment to strengthening the entrepreneurial skills of grassroots farmers.
According to him, “The goal is to enable our farmers to make informed financial decisions that directly affect their businesses and livelihoods. With this knowledge, they can operate more productively and contribute to improved food security across the state.”
He further explained that the training aligns with the Lagos State Government’s broader agenda for agricultural transformation and rural development, in line with Governor Babajide Sanwo-Olu’s THEMES Plus agenda.
Representatives of LAPO Microfinance Bank and Unitrust Insurance also guided participants through the “5 Cs” of agricultural lending—Character, Capacity, Condition, Capital, and Collateral—while outlining how specialised loan products and insurance packages can serve as buffers against unforeseen shocks.
With increasing concerns over food security, climate change, and rural poverty, LSADA’s financial literacy programme is a proactive step toward closing the knowledge gap and empowering grassroots farmers to remain competitive in today’s evolving agricultural landscape.
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