- Governor, however, cautioned residents to invest money sourced from financial institutions prudently.
- Farming is, however, done on small scale which does not aid the generation of high-income.
Busia Governor Paul Otuoma has told banks to invest in the untapped opportunities in fishing and agriculture in the county.
The county chief said the two sectors when adequately financed can create employment, increase household earnings and generate revenue for both the county and national government.
“Agriculture, which is Kenya’s main economic backbone, remains a key driver for growth as well as fishing. Let us support our people by allowing them access to credit to inject into these sectors,” Otuoma said.
“Our agricultural sector has been having challenges to cope with modern times both for food security, opportunity and even for cash crops. We have talked and agreed to revive the cotton sector and grow value-addition crops like macadamia and groundnuts. These are opportunities we need to tap into.”
The governor, however, cautioned residents that bank loans are not free and urged them to invest money sourced from financial institutions prudently.
Otuoma was speaking in Busia town during the opening of the NCBA bank Busia branch on Wednesday.
According to the Busia County Integrated Development Plan 2018-22, the climate is conducive to agriculture and some of the commonly grown crops within the county include maize, beans, sweet potatoes, millet, cassava, tobacco, cotton and sugarcane.
Farming is, however, done on small scale which does not aid the generation of high-income.
Injecting more money into the sector Otuoma said will increase acreage under crop production and subsequently scale-up income among farmers.
Agriculture provides for more than 65 per cent of Busia county total earnings. Most people in the border county are employed either directly or indirectly in the sector.
The total farming acreage is approximately 155,990 acres of food crops while 29,525 acres is under cash crops.
Besides, the county government introduced cage fishing culture which is meant to restore the lake and promote fish trade enterprise.
There are on average 5,000 lake shore families who directly rely on fish and 3,000 who trade in lake resources with the vessel value of fish along the county beaches earning the fishermen about Sh700 million annually.
The fish traded across the markets in Busia alone are valued at approximately Sh1.2 billion annually.
“We need to look at these opportunities and map out the challenges so that as banks are giving people loans, business opportunities open because loans are not just given for the sake,” Otuoma said.
“When banks give out loans, they help create wealth and contribute to the economy of the county.”
The governor said by availing credit to residents, banks will also be promoting cross-border trade.
“Busia is a gateway to East and Central Africa and being an entry point between Kenya and Uganda cross border trading is the most dominant economic activity and the decision by NCBA to open a branch here is going to open up opportunities for both trade and investment in the county,” he said.
He said by supporting agriculture and fishing, the county will be able to contribute to the country’s Gross Domestic Product.
“I have committed to support the Small and Medium Enterprises and the county’s partnership with financial institutions will help us achieve this vision through favourable business terms,” Otuoma said.
(Edited by Tabnacha O)