CBN To Offer Single-Digit Loans To Rice Farmers

CBN To Offer Single-Digit Loans To Rice Farmers

The Central Bank of Nigeria said it would offer single-digit loan to rice farmers in the Niger Delta area and provide index insurance for participating farmers.

This was contained in a statement signed by the Head, Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe.

It was issued after a second collaborative meeting between the Minister of Niger Delta Affairs, Godswil Akpabio, and representatives of the CBN in Abuja.

The meeting focused on how to develop the Niger Delta area, using farming as a tool on Friday.

According to Deworitshe, the representative of the CBN Governor at the meeting, Mr Anthony Ifechukwu, said that the CBN in 2018 identified cassava, rice, oil palm and cocoa farming as those with comparative advantage in the region, adding that the apex bank was also making effort to intervene in livestock and fishery production in the region.

The statement said, “Ifechukwu also assured participating farmers of a guaranteed market price for their produce, explaining that the bank would give a single-digit interest loan for five years.

“He advised eligible farmers willing to participate in the scheme to procure quality seedlings from reputable companies and plant their crops in clusters, adding that CBN will do index insurance for participating farmers.”

Speaking at the meeting, Akpabio, who was represented by Permanent Secretary at the ministry, Adesola Olusade, reiterated the resolve of the ministry to key into the agricultural revolution in partnership with the CBN.

He said the ministry would focus on land acquisition for the project by approaching governors of the nine states in the region to address the issue (land acquisition) under the Land Use Act.

Akpabio stated that discussion on land acquisition would form part of the agenda for the next national council meeting, which would be held in Rivers State.

The minister spoke on the need for the programme to leverage the capacity of the private sector and the resuscitated National Agricultural Land Development Authority in the area of land preparation for the success of the scheme.


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