As reported by Pulse TV, The Central Bank of Nigeria, CBN, has confirmed that its intervention in tomatoes production currently stands at a little over 10 billion Naira in eight projects.
It stated that one of the projects, which is Dangote Green House tomato manufacturing project, had the capacity to produce 10 million tomato seedlings in a month.
According to the apex bank, the project had the capacity to save the economy over 250 million dollars annually as well as generate one million jobs from supporting smallholder farmers in tomato cultivation to paste.
The business model will require the tomatoes seedlings be sold to about 5,000 outgrowers that would grow and supply the tomato.
Furthermore, the apex bank Governor, Godwin Emefiele, said the bank increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Micro Small and Medium Enterprise Development Fund, Anchor Borrowers Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility.