N473bn disbursed under Agricultural Credit Scheme – CBN

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CBN Governor Godwin Emefiele
Godwin Emefiele, CBN governor

The Central Bank of Nigeria (CBN) on Tuesday said it had disbursed more than N473 billion under its Commercial Agricultural Credit Scheme.

The bank’s Deputy Governor, Alhaji Sulaiman Barau, disclosed this at the inauguration of Sorghum Milling plant, established by the Northern Nigeria Flour Mills in Kano.

“The Commercial Agric Credit Scheme is an initiative of the bank, and to date, 513 projects have benefitted from the scheme with the disbursement of over N473 billion,” he said.

He said no fewer than 604 projects had benefitted from the Small Medium Enterprises refinancing Scheme with the disbursement of over N382 billion.

He said the bank would continue to support initiatives aimed at conserving foreign exchange reserve.

He said the establishment of the mill would be of strategic importance to grains belt in the region, adding that the mill would be useful in the development of maize, Sorghum and millet value chain.

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According to him, the establishment of the sorghum mill would boost agricultural productivity, generate employment and Nigeria’s industrialisation technology transfer.

“It is expected that the high-quality Sorghum flour that will come out of this mill will impact on our exchange rate positively,” he said.

In her remarks, the Minister of State, Industry, Trade and Investment, Hajiya Aisha Abubakar, said the initiative was in line with the Federal Government’s vision for Economic Recovery and Growth Plan as it was designed to promote sustained and inclusive growth.

“The overall vision of the plan is to significantly increase the manufacturing contribution to GDP in the next five years and unlock the bottlenecks militating against the growth and development of the industrial sector.”

in his speech, Kano State Governor, Dr Abdullahi Ganduje, urged other companies to borrow a leaf from the mill to enhance economic activities in the state.

1 COMMENT

  1. Emefiele should to be sacked now. At what interest rate is he giving out this Agricultural loans. The banks are charging ineterest rate of 30% on loan with several others charges, how does an economy grow with this high interest rate and all manner of charges on both borrowed and deposited funds

    There are several multiple interest rates going on in the banks which gives room for round tripping. Now that is why you see the banks making huge profit despite the recession because Emefiele, the current CBN governor encourages corruption in the banking system.

    The same thing is happening in the forex market because the CBN gave several multiple exchange rates to all manners of people under all senseless headings thereby encouraging round tripping again in the forex market and killing the economy.

    Under Emefiele, the country went into recessions and till today he cannot bring us out of it and the country is bleeding with unemployment, corruption, kidnapping etc and several businesses packing up and Buhari/Osinbajo kept quiet as if they are under spell and could not sack the idiot (Emefiele).

    He is planted by PDP and his Biafra brothers to bring down this government that is why Emefiele had turn down every advice given to him to bring down interest rate, stop multiple interest rates and multiple forex rates but he refuses and keeps on bringing all manners of excuses. This is a big shame to Buhari/Osinbajo and the country in general.

    Until you sack Emefiele we would never get out of recession, mark my words.

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