Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Stanbic IBTC
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business News

CBN to offer Niger Delta rice farmers single-digit loan 

The Central Bank of Nigeria (CBN) says rice farmers in Niger Delta area will now be offered single-digit loans.

Published

on

diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

The Central Bank of Nigeria (CBN) says rice farmers in Niger Delta area will now be offered single-digit loans. The decision is expected to boost production output as new local brands flood the market, resulting in a crash in price.

The decision to offer the single-digit loan was made after a meeting between the Minister of Niger Delta Affairs, Godswil Akpabio, and representatives of the CBN in Abuja, which was meant to develop the Niger Delta area.

Border Closure: Nigerian rice farmers are struggling to feed a rice-hungry nation. CBN to give Niger Delta rice farmers single-digit loan 

It was disclosed that the plan is to use agriculture to develop the Niger Delta, hence the single-digit loan to rice farmers. Cassava, rice, oil palm and cocoa farming were identified in 2018 as the comparative advantage in Niger Delta, a representative of the CBN Governor at the meeting, Anthony Ifechukwu disclosed.

Other plans CBN has for the Niger Delta: The CBN plans to support the livestock and fishery production in the region, and will also provide index insurance for participating farmers.

In a statement released by the Head, Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe, “Ifechukwu also assured participating farmers of a guaranteed market price for their produce, explaining that the bank would give a single-digit interest loan for five years.

“He advised eligible farmers willing to participate in the scheme to procure quality seedlings from reputable companies and plant their crops in clusters, adding that CBN will do index insurance for participating farmers.”

[READ MORE: Nestle, Friesland to sign local milk production deal with FG, CBN)

Meanwhile, Akpabio, who was represented by Permanent Secretary at the ministry, Adesola Olusade, said the focus was on land acquisition for the agricultural project, and this would be done in partnership with the governors of the nine states in the region.

Government support yielding result: The Nigerian government has continued to make moves to diversify the economy, moving focus from oil to agriculture. This led to the closure of land border to prevent foreign rice brands from suffocating local production.

In the latest Nairametrics Household Survey, it was disclosed that more brands of local rice continued to flood major markets in Lagos, thereby crashing the prices. The price of local rice reduced significantly across major markets in Lagos as new brands of locally made rice were sighted in various markets. Also, quality of locally-produced rice in Nigeria has recorded significant improvement.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

2 Comments

2 Comments

  1. Daniel Egweteng Sunday

    February 17, 2020 at 11:54 pm

    I am interested in this leon please I wanted to help my fish farm business growth.

  2. Okolie frank chiedu

    February 19, 2020 at 1:52 pm

    Currently, am running on 30 hectares of rice farm , located @ aAchall / Ibusa road Asaba( Igwe Owali farms)battling single handedly in that swamp. Am interested in this loan to improve and expand my productivity.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement




Advertisement

Nairametrics | Company Earnings