FG Urges Farmers To Utilise CBN’s Single-digit Lending Fund


The Minister of Agriculture and Rural Development, Chief Audou Ogbe, called on operators in the agricultural and manufacturing sectors of the economy to strictly comply with the terms of the Central Bank of Nigeria (CBN), clear interest loans and use the funds for the purposes for which it was provided.
Ogbe, who spoke at a press briefing in Abuja yesterday, urged borrowers to use the opportunity to realize their dreams, as they will be instructed to make the project and records available for verification and verification of the CBN.
He noted that the course of the CBN corresponded to the presidential directive on the reduction of lending rates in the productive sectors of the economy, to which he had repeatedly assured the Nigerians.
According to him, "now farmers and producers can borrow a long period of up to N10 billion with a consolidated interest rate of nine percent with a minimum period of seven years and a two-year moratorium, as CBN recently stated."
The minister explained that unambiguous funds will create more jobs for Nigerians and will help revive many terrible and dying projects and revive the weak who desperately need to allocate funds for survival.
He praised the Central Bank of Nigeria (CBN) and the Bankers Committee on an agreement to provide funds with low interest rates in the agricultural and manufacturing sectors. Having added that the ministry will join forces, that farmers have paid off the credits given to them without justifications.
"We have been in favor of this for many years, I appreciate President Muhammad Bukhari, CBN Committee and bankers for this initiative. This revolutionary policy is valued by farmers and producers. I see it as an important step towards eliminating the terrible damage caused to Africa by the Structural Adjustment Program in the mid-1980s, "he said.

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