President Muhammadu Buhari has directed the Ministry of Agriculture and the Central Bank of Nigeria (CBN) to bypass the knotty issue of collateral which he described as “a terrible colonial legacy,” so that farmers will get easy access to capital.
The President gave the directive during an audience with members of the United Kingdom-based Foundation for Good Governance for Development in Nigeria at the State House, Abuja
According to the President, a top priority of his administration is to ensure that the efforts of hardworking Nigerian farmers are respected. President Buhari also identified smuggling as a threat to domestic agricultural production and processing, and promised to continue to fight the menace with all means available to government. (NAN) .
Ebonyi state government yesterday stated that it was getting ready to disburse N3 billion loan to farmers by first week of April this year as reported in Vanguard Newspaper.
The Commissioner for Agriculture and Natural resources, Moses Ogodoali Nomeh who stated this in his office, added that the loan would be strictly for rice farmers and others, excluding cassava farmers. He however explained that those owing the state government in last year’s farming season would not benefit from this year’s farming season’s loan.
Ogodoali said that the loan will be given according to the capability of each farmer.
According to him, “We are giving loans to farmers of all cardre in Ebonyi State, but we are considering withholding those of cassava farmers. Cassava
Bank loans to farmers hit N2.2trn in 2018.
As stated in Business Day NG,Nigerian banks credit to the agricultural sector has hit the highest level of N2.2trillion in 2018 since the bureau of statistics commenced the compilation of the data, a National Bureau of Statistics (NBS) bank credits report says.
The loan to the sector accounts for four percent of the total lending of commercial banks to the economy for the period.
a year on year basis, bank loans to the sector increased by 16 percent,
from N528 billion in q4 2017 to N610 billion in q4 2018.
Also, on a quarter to quarter basis, it increased by 3 percent from N592billion in q3, to N610billion in q4.
industry players attributed the increase in bank loans to the
agricultural sector to the Central Bank of N...
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