FCMB To Invest N48bn In Agric

The Group Managing
Director/Chief Executive Office of First City Monument Bank (FCMB) Limited, Mr Ladi Balogun, has announced that the bank will invest about N48 billion in the agriculture sector in 2015.
This investment in agriculture financing represents some 8 per cent of the banks’ total loan portfolio of N600 billion.
Last year, it invested some N36 billion or 6 per cent of its N600 billion loan account in agriculture.
Balogun also assured that the bank will intensify its support to the agricultural sector and its value chain in order to fast-track the growth of the Nigerian economy.
He stated this at a press conference organised by the bank tagged, “FCMB Agric Business: Diversifying the Nigerian Economy”.
According to him, the bank is focused on being a strategic partner to the government and other stakeholders in the agric sector to ensure food sufficiency, employment and revenue generation in line with its value as a helpful financial institution.
Among other supports to farmers, he said the bank in 2014 provided funding worth N120 million to tractor owners  and Hiring Facilities Association of Nigeria (TOHFAN) for the acquisition of tractors which have been distributed to farmers in Kaduna State.
Investigations by our correspondent indicate that almost every local government  area headquarters in Rivers State has LAPO Office, which has ensured grassroots participation by farmers across the state.