CBN Offers $6.5 Million Loan to Poultry Syndicate in Kwara State

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the bank and Committee of Governors have decided to supplement the foreign investment in the poultry syndicate of Shonga Farms Holdings Limited in Kwara State with a loan of N2 billion under the Commercial Agricultural Credit Scheme.

Emefiele disclosed this during a working visit to Shonga Farms in Edu Local Government Area of Kwara State in company with the Senate President Bukola Saraki, Kwara State Governor Abdulfatah Ahmed and some senators.

The CBN governor, who said the loan attracts a single digit interest rate of 9 percent, stated that Kwara State has a comparative advantage in poultry business making it necessary to support the management and owners of Valentine Farms, operators of the poultry section, whose business, he said, has provided employment for a lot of unemployed youths in the state.

He praised the state government for the initiative, describing it as an example of a successful collaboration with foreign direct investors that created employment in the agro-allied business in the country.

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