The Central Bank of
In their separate speeches presented at the opening of a conference themed "Propelling Economic Development through Functional Agricultural Value Chain Financing Models," in
Group Managing Director of
"We will continue to invest in agriculture. In the past years, agriculture has played a significant part in our business but we want to look at the entire value chain more intently. we want to engage with rural farmers directly and not just from the policy level," Emuwa said.
Describing the importance of the sector to the economy, he noted that at the moment 32 percent of the Gross Domestic Product (GDP) and 65 percent of labour force were accounted for by the agricultural sector in
"If you can get agriculture to become more productive, you will be better positioned to tackle the scourge of poverty in the continent. It is unfortunate that there has been a decline in the sector due to the emergence of other economic sectors in
He however noted that lending to farming in
While stressing that the major challenge has been the high risk and uncertainty, which makes it difficult for operators of the agric sector to access credit, he expressed optimism that a deep understanding of the value chain will help to overcome these challenges and boost.
Representing the acting Governor of the CBN, Dr
To underscore the importance of the sector to government, Mordi disclosed that the federal CBN had initiated various scheme to boost funding of agriculture which he said included the Agricultural Credit Guarantee Scheme established in 1978; the N200 billion Commercial Agriculture Credit Scheme and various other initiatives.
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