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Home Business News

CBN will give loans at 5% to this sector of the economy

Onome Ohwovoriole by Onome Ohwovoriole
December 22, 2017
in Business News
CBN Gov Godiwn Emefiele

Godwin Emefiele, CBN Governor

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Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has stated the intentions of the apex bank to provide loans at 5%, as well as increase lending for agricultural  processing. Emefiele made the statement in Ogun State at the launch of the MITROS Ofada rice.

“We presently focus on primary agriculture, we will soon shift focus on the processing. We are ready to provide cheap funding at not more than five per cent interest rate, to support those who want to procure farm processing equipment such as threshers, planters, harvesters and so on

Why is the CBN doing this ?

Agricultural processing is a sector Nigerians tend to shy from because of the costs involved. The high cost of lending in the country means businesses in the agricultural processing space are unable to take loans from commercial banks.

The CBN has thus provided several intervention funds in the agricultural space, prominent of which is the anchor lenders scheme. Under the scheme, loans are provided to the small holder farmers, who use them to buy required inputs. The loans are then paid with the harvested products which are supplied to agri processors.

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Implications of the CBN move

Investments in processing means more value will be added to agricultural products. This increases the export value, and indirectly foreign exchange revenue. Increased investments in the agri processing space, also means more jobs will be created and  this in turn spurs economic activities in the country.

Cheap money is not enough

While single digit interest loans are of great benefit, they are not the only stumbling block in the sector. Processing depends heavily on regular power which is a rarity in the country. Other infrastructural issues such as bad roads mean it takes days to transport these products from the hinterlands to the processing plants. Nigeria also lacks the required skill set to run some of these processing plants, hence requiring the employment of expatriates.

 


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Tags: 5% CBN loanCBNCBN loan to farmersGodwin EmefieleNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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