Business
CBN Earmarks N75bn For Agric Dev
The Central Bank of Nigeria (CBN) has set aside the sum of N75 billion under the Nigerian Incentives Based Risk Sharing System for Agricultural Lending (NIRSAL) for the development of Agriculture in the country.
An Assistant Director of the bank, Mr Isaac Okoroafor who disclosed this during a meeting with the Rivers State Commissioner for Agriculture, Mr Emmanuel Chindah said that the fund was setup to assist small scale farmers in the country.
Mr Okoroafor also said that the CBN decided to ensure that farmers benefit from their products, while at the same time ensuring that banks respond to the need of the farmers by giving out loans for agricultural development in the country.
He said that the institution has been meeting with states in the country with a view to assisting them in the development of crops with the greatest comparative advantage.
According to him, the meeting was to understand Rivers State position as far as NIRSAL is concerned.
Mr Okoroafor said that though NIRSAL was set up by the Central Bank of Nigeria (CBN), it is however being operated as a private institution, stressing that the agency is looking at a situation whereby states will provide infrastructures, while the agency will assist the state in the development of Agriculture.
The Rivers State Commissioner of Agriculture, Mr Emmanuel Chinda thanked the CBN for the funds stressing that it will help the state to develop their agricultural potentials.
Mr Chinda listed areas in which the state has greatest comparative advantage to include, fish production, maize, cassava, banana production, oil palm, amongst others.