Rising Food Prices: Ex-CBN Director Calls For Review Of Interest Rate

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Retired Deputy Director of the Central Bank of Nigeria, CBN, Fred Adoyi, has urged the Federal Government to review downwards the interest rate on loans and bank facilities to farmers to between zero and nine percent to check rising food prices in the country.

Adoyi, who is the Presiding Bishop of Mount Zion of Fire Church, spoke at his investiture as the National Consultant, National Farmers, Export, Cooperative Congress, NAFECC, in Makurdi.

He said the policy would encourage massive food production and further position the country on the part of recovery from recession.

He said: “The Bank of Agriculture is doing that already so I am appealing to the government to make it a policy so that commercial banks will follow suit.

“Besides, government should accord much attention to the supply of farming input and implement, which should be well subsided to encourage increased activities in that sector.

“When this bold steps are taken, it would lead to bumper food harvest to cushion the effect of the economic hardship and eventually move the country out of recession.”

The National President of NAFECC, Mr. Zakari Matthew-Nim, on behalf of his management team in the six geo-political zones of the country, said Bishop Adoyi was chosen for the position in recognition of his services in the area of agriculture financing.

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