CBN to Support Farmers with N432 Billion Loan to Boost Food Production in Nigeria

The Central Bank of Nigeria (CBN) has announced it will assist farmers with a 432 billion naira ($1.1 billion) loan in the 2020 wet season of farming to boost food production in the country.

This is helping Farmers to cultivate over a million hectares of farmland.

The CBN made this announcement on its Twitter handle saying:

“We are committed to aggressively fund its agricultural programmes and spur farmers along select crop value chains to prevent the country from sliding into a recession.

“Over 1.1 million farmers, cultivating over one million hectares of farmland are expected to benefit from the loans that will help to produce a collective output of 8.3 million metric tons.”

The central bank targets increasing the output of major food and cash crops including cotton, rice, tomato, cassava, cocoa, and maize

About globaltellblog24

Check Also

With Naira Redesign, Dollar May Crash To N200 – EFCC Chairman, Bawa

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the …