Business
CBN, AGRA Sign Agric Financing MoU
The Central Bank of Nigeria (CBN) on Monday in Abuja signed a Memorandum of Understanding (MoU) with the Alliance for a Green Revolution in Africa (AGRA), an Africa-based NGO.
The MoU is aimed at instituting an innovative mechanism to finance agriculture in the country.
Reports say that AGRA works to achieve a food secure and prosperous Africa through the promotion of rapid, sustainable agricultural growth, based on smallholder farmers.
It works in partnership with governments, agricultural research organisations, farmers and the private sector to sustainably improve the productivity and income of poor farmers in Africa.
Speaking at the signing ceremony, the CBN Governor, Mr. Lamido Sanusi, underscored the importance of empowering poor farmers in the country.
He described the MoU as a landmark agreement to develop a new innovative mechanism to help unlock financial value change to help serve the need of all farmers.
He said, “AGRA is coming to assist us to design a blueprint that will address the concerns of the banks; a blueprint for risk sharing and for incentives; “a blueprint for policies and for watching the other government agencies and that which will unlock financial value change in agriculture.”
He said that the major purpose of the MoU was to see how to address the concerns of the banks with regard to the risk of lending to primary small holders in agriculture.
He said the apex bank had been in discussion with AGRA for the past six months.
The governor expressed regret that, while the agricultural sector contributed 42 per cent of the Gross Domestic Product, it only benefitted one per cent of lending from the banks.
He said, “In Nigeria, agriculture accounts for over 40 per cent of the GDP, yet it receives only one per cent of total commercial bank loan.
“Unlocking access to bank financing for agriculture and developing risk sharing approaches are critical to stimulating innovations in agricultural lending and increasing food production.
“Twenty per cent increase in agricultural activity adds eight per cent to the GDP.”
Sanusi noted that when the total package of the MoU was designed, the CBN would deploy $500m for a new initiative known as the Nigeria Incentives-based Risk Sharing System for Agricultural Lending.
It would also leverage three million dollars from commercial banks into agriculture, he noted.
Also speaking, the AGRA President, Mr. Namanga Ngongi, described agriculture as a business and not a way of life.
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.
