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The Federal Government of Nigeria has revealed plans aimed at providing interest-free loans to farmers in the country. This was disclosed by the Honourable Minister of Agriculture and Rural Development, Sabo Nanono, who stated that his ministry would work with the Central Bank of Nigeria (CBN) in providing the loans.
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According to a report by PUNCH, the aforementioned plan was revealed by the Minister while receiving the 2020 Wet Agricultural Performance Survey on October 18, 2020. The Minister revealed that the survey had shown that effective input subsidization would accelerate productivity in the agricultural sector.
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Backstory
Nairametrics had earlier reported plans by CBN to provide interest-free loans to MSMEs affected by the pandemic, with about 1.1 million farmers set to benefit from this largesse.
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What they are saying
Commenting on the latest development, Nanono said, “The ministry would support the farmers with agricultural inputs and zero-interest loans, through the Central Bank of Nigeria and other financial institutions to mitigate the effect of COVID-19 and the recent flooding in Kebbi, Jigawa and Kano States.’’
He urged farmers to intensify efforts and focus on achieving more successes during the dry season farming in order to cushion the losses caused by the pandemic.
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Why it matters
The recent announcement is a step in the right direction as it will help boost output in the agricultural sector, ensure food security, boost farmers’ morale, and contribute immensely in boosting farmers’ income. In addition, this gesture can also go a long way in driving financial inclusion, especially in rural areas.
It’s a shame that we read these loan issues on paper without I single action. We applied for a loan, attended the training in February, went for the CBN interview in July and till date, nothing has happened. I think the government and her agents are decieving the Nigerian people.
Yes you are right.
Need and i interested the loan for famine
It is very disheartened in this nation that as a youth and woman in my father’s land I can not access a loan for past 7months, I have paid for training, paid for applying for the loan AGEIMESS loans through NIRSAL up till now the loan has not been given. I am a poultry farmer residing in Ogun State, Ota township. Just imaging the kind of hardship that I am going through simply be because I did not know anyone at the top or in Abuja.
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I am a farmer and I need loan to support my farm
I am a farmer and I need loan to support my farm