The Lagos State Agricultural Development Authority (LSADA) has concluded a three-day intensive financial literacy training for more than 200 participants drawn from the Epe, Ikorodu, and Badagry agricultural zones.
The training, which was organised in partnership with LAPO Microfinance Bank and Unitrust Insurance, was designed to give farmers and fisher folks the financial skills and practical tools needed to manage resources effectively, boost productivity, reduce risks, and build sustainable agricultural businesses.
Over the course of the programme, participants attended structured lectures on key topics such as personal and farm financial management, covering areas like budgeting, income planning, debt control, record-keeping, and profit analysis.
The sessions also highlighted the importance of cultivating a savings culture and introduced strategies in agricultural insurance and risk management.
These approaches were aimed at helping farmers protect their livelihoods against unexpected challenges such as losses and natural disasters.
According to LSADA, the decision to host the training across three separate agricultural zones was deliberate to ensure inclusiveness and give local farmers greater access to knowledge without the barrier of traveling long distances.
The training allowed fisher folks and smallholder farmers in rural areas to gain the same opportunities available in centralised programmes.
Speaking on the initiative, Mr. Serriki Musa Abayomi, Head of Component, Rural Institution Development at LSADA, said the programme underscores the agency’s mission to build the entrepreneurial capacity of rural farmers.
He noted, “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.”
Mr. Abayomi also explained that the initiative aligns with the Lagos State Government’s broader agricultural transformation and rural development agenda under the THEMES Plus policy of Governor Babajide Sanwo-Olu’s administration.
During the sessions, representatives of LAPO Microfinance Bank and Unitrust Insurance shared insights into the “5 Cs” of agricultural lending: Character, Capacity, Condition, Capital, and Collateral.
They also explained how customised financial products and agricultural insurance can act as safety nets for farmers, helping them manage risks associated with climate change, market instability, and unexpected losses.
With rising concerns over food security, climate change, and rural poverty, LSADA’s financial literacy training has been positioned as a strategic step to close the knowledge gap at the grassroots and empower farmers to remain competitive in today’s agricultural economy.