CBN to Release More Funds to Farmers at 5% Interest Rate –Emefiele

By December 27, 2017 Investment News

The Central Bank of Nigeria (CBN) has concluded plans to release more funds to farmers at 5 per cent interest rate to enhance their productivity i.

Its Governor, Godwin Emefiele, who disclosed this recently at the official launch of MITROS Rice, in Abeokuta, Ogun State, said the funds would be available at not more than 5 per cent interest rate.

He said that CBN has made it its responsibility to continue to support any efforts to grow agric sector because the efforts will provide more food for people and go a long way to conserve foreign spending on importation of agric produce in the country.

According to him, the MITROS Rice pyramid will create more jobs and grow the Ogun State and Nigeria’s economy.

While commending the state governor, Ibikunle Amosun, for adding his quota to the Federal Government’s dream of attaining food sufficiency in the area of rice production, Emefiele said any country that failed to take agriculture seriously was an unserious country.

He added that, “the Buhari-led administration is taking agriculture seriously. We would support all efforts to develop the agric sector, to provide food, job and also grow the economy. The selfish aspect of it for me is that it goes to preserve our foreign exchange, as far as we produce what we eat, and we eat what we produce.

“The next step is to tell ourselves how to process the products – how do we harvest and how do we process – and we would look at providing funds at not more than 5 per cent to acquire necessary equipment,” he added.

Responding, Governor Amosun, said that commissioning of the MITROS Rice Processing Factory and formal launch of the MITROS Rice is another testament to the success of the state’s development blueprint tagged, “Mission to Rebuild” Ogun State.

According to him, the launch of the rice was a result of six years of hard work of his administration, to further reduce Nigeria’s rice import

Source: Sun