CBN Seeks Increased Local Production In Agric Sector To Enhance Growth, Boost Employment

by on June 30, 2020

Central Bank of Nigeria (CBN) is stimulating local production in the agriculture business to enhance growth and boost employment in the country.

This is according to the apex bank’s, Director of Development Finance Department, Yila Yusuf, in a statement.

According to the statement, some of the CBN’s agribusiness initiatives are the Agricultural Credit Guarantee Scheme Fund, Agricultural Credit Support Scheme, the Commercial Agriculture Credit Scheme, and the Real Sector Support Facility,

Yusuf said the bank’s funding of the Anchor Borrowers Programme for the 2020 season was the highest since the inception of the programme in 2015.

He said: “Over 1.1 million farmers cultivating over one million farmlands were expected to benefit from the loans that will help to produce a collective output of 8.3 million metric tons.”

GBFoods, a global culinary product manufacturing firm, in a statement said it partnered with the CBN and some others recently to complete a N20bn tomato processing factory in Kebbi State.

The factory is the second largest in Nigeria, West Africa’s only fully backward integrated plant and has the largest single tomatoes farm in Nigeria, according to the statement.

The statement noted that so far, it had created 1,000 jobs, including 500 farming jobs, 150 factory jobs and 150 construction jobs, with hundreds more to be created in the near future.

Vincent Egbe, the Country Manager, GBFoods Nigeria, during the factory’s opening, said that under CACS, the CBN had so far disbursed over N610bn.

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