Bank releases N35.9bn to finance Agric projects

The Central Bank of Nigeria (CBN) says it has released N35.9 billion to 166 projects under its Commercial Agriculture Credit Scheme. The CBN Governor, Mr. Godwin Emefiele, who gave the information at a meeting said the apex bank’s interventions such as the Commercial Agriculture Credit Scheme and the Real Sector Support Facility had addressed the problem faced appreciably.

He said that N507 million was also released to 433 farmers and another N238 million to 112 projects under Agri-Business Small and Medium Enterprises Investment Scheme.

Emefiele said that CBN had recently financed the pioneer egg-powder production company in Nigeria to the tune of N2 billion under the Differentiated Cash Reserve Requirement-Real Sector Support Facility (DCRR-RSSF) window.

He said “we have asked for information on the capacity of institutions and companies’ poultry pens, hatcheries, feed mills, size of crop farm and number of tractors for grains production.

Others are commercially viable and bankable business plan; including processing facility as well as any other information that would enrich your participation in the program.

We rely on the University based poultry production model because you have the existing Infrastructure, experience, and human assets to enable production at reduced cost and in a competitive manner.“

“This program is directly in conformity with our resolve to diversify the economy, be a catalyst for job creation and inclusive economic growth. While these are our ultimate goals, our main intermediate objective is to ensure that poultry production is increased as well as end the smuggling of poultry products into the country.

The CBN would be committing considerable human, material, and financial resources to monitoring both the disbursement and utilization of these funds in a robust and verifiable manner.

Participating institutions will be required to submit periodic returns on disbursements as well as an analysis of the impacts of the Fund they received” he added.

Emefiele stressed that CBN would also undertake regular on and off-site checks to ascertain veracity of the reports received hence enjoined the institutions, to help the bank in achieving these goals by ensuring that these funds were deployed in an effective and efficient manner.

The post Bank releases N35.9bn to finance agric projects appeared first on Voice of Nigeria.

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