CBN Okays N2b Loan for Kwara Farmers

By Modupe Gbadeyanka

A loan of N2 billion has been approved by the Central Bank of Nigeria (CBN) to support commercial farming in Kwara State.

CBN Governor, Mr Godwin Emefiele, who announced this on Friday in Edu Local Government Area of Kwara State, noted that the loan will attract a single digit interest rate of 9 percent.

Mr Emefiele, who was in the state on a working visit to Shonga Farms, said the apex bank decided to come up with the N2 billion Commercial Agricultural Credit Scheme to assist farmers in the country. He described agriculture as another major source of foreign exchange for Nigeria and said the bank would continue to support the sector.

Speaking also during visit, the state Governor, Mr Abdulfatah Ahmed, thanked the CBN for throwing its weight behind agriculture.

He assured Mr Emefiele that Kwara State will adequately utilise the loan to boost the economy of the country.

According to him, his administration has come up with an Off-taker Demand Driven Scheme based on the lessons learnt from the Shonga model as a means of empowering farmers, creating jobs and establishing Kwara State as a major agriculture hub in the country.