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LequteMan
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Nigeria - The Central Bank of Nigeria (CBN) has announced that rice growers in the country would now be able to access loans from the apex bank at a 9 per cent interest rate.
CBN governor Godwin Emefiele says the development is part of a new national rice intervention framework.
Speaking at a stakeholders meeting with officials of paddy rice producing states, he said the loans would be accessed under the micro, small, and medium enterprises scheme from the CBN through their respective banks at a maximum 9 per cent interest rate.
"There are unsold stock and we must agree at this meeting to take those unsold stock from the farmers so that they can continue to go to their farms. Let’s limit their job to producing the paddy and once it is produced the rice millers or the Ministry of Agriculture will take the rice off them.
"That brings me to the issue of funding; the kind of programme we conceive is what we call an out growers scheme where we will work with the farmers, provide them more finance to acquire more land and appeal to the state governors to clear any impediments standing on their way. We are at a stage where we have decided that we must feed ourselves.”
He stated that the rice millers, under the commercial agricultural credit scheme will also access loans to buy unsold stock off the farmers even as he urged them to organise themselves through their association to effectively access the loans.
Source: Leadership
CBN governor Godwin Emefiele says the development is part of a new national rice intervention framework.
Speaking at a stakeholders meeting with officials of paddy rice producing states, he said the loans would be accessed under the micro, small, and medium enterprises scheme from the CBN through their respective banks at a maximum 9 per cent interest rate.
"There are unsold stock and we must agree at this meeting to take those unsold stock from the farmers so that they can continue to go to their farms. Let’s limit their job to producing the paddy and once it is produced the rice millers or the Ministry of Agriculture will take the rice off them.
"That brings me to the issue of funding; the kind of programme we conceive is what we call an out growers scheme where we will work with the farmers, provide them more finance to acquire more land and appeal to the state governors to clear any impediments standing on their way. We are at a stage where we have decided that we must feed ourselves.”
He stated that the rice millers, under the commercial agricultural credit scheme will also access loans to buy unsold stock off the farmers even as he urged them to organise themselves through their association to effectively access the loans.
Source: Leadership