- The Nigerian agricultural sector will receive a N84 billion boost with liquidity pumped into the industry. According to reports, there are plans for the unveiling of a loan scheme for agri-businesses in the country to access in order to increase their productivity.
- Nigerian commercial bank, Ecobank Nigeria has revealed plans for funding in the sector, with the bank’s portfolio loan of N84 billion for agri-businesses to access.
- According to Ecobank, the scheme was created in line with the federal government policy and will have significant impact on the sector within the four-year time period.
- The Country Manager, Agriculture and Export Finance, Ecobank Nigeria, Abel Ajala, disclosed this, adding that the bank was in collaboration with the Central Bank of Nigeria (CBN) and the Bank of Industry (BoI).
Ajala said, “Apart from the bank’s direct lending to agriculture sector, Ecobank has supported many stakeholders in the sector to obtain BoI’s loans and various CBN-support facilities for agriculture such as Commercial Agricultural Credit Scheme (CACS), Nigeria Incentive – based Risk Sharing for Agricultural Lending (NIRSAL) at a single digit interest rate.
“Ecobank also plans to grow the BOI/CBN funding portfolio in the bank significantly in the next four years,” he added.