Rice farmers to benefit from CBN’s Single-digit loans


THE Central Bank of Nigeria is to offer a single-digit loan to rice farmers in the Niger Delta area. It will also provide index insurance for participating farmers.

A statement signed by Patricia Deworitshe, head, Press and Public Relations at the Ministry of Niger Delta Affairs, issued after a second collaborative meeting between Godswil Akpabio, minister of Niger Delta Affairs,  and representatives of the CBN in Abuja, made this known recently.

Realnews reports that the dwelt on how to develop the Niger Delta area, using farming as a tool.

The statement said that Anthony Ifechukwu, representative of the CBN governor at the meeting, stated that the CBN in 2018 identified cassava, rice, oil palm, and cocoa farming as those with a comparative advantage in the region.

He added the CBN was also making an effort to intervene in livestock and fishery production in the region.

He assured that participating farmers of a guaranteed market price for their produce, adding that the single-digit interest loan will be for five years.

According to him, eligible farmers willing to participate in the scheme will procure quality seedlings from reputable companies and plant their crops in clusters, while the CBN will do index insurance for participating farmers.

At the meeting, Akpabio, who was represented by Adesola Olusade, permanent secretary at the ministry, 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. He 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.

He also stressed 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.

– Feb. 18, 2020 @ 08:40 GMT |

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