News Column

Nigeria : GUSAU: Government plans to borrow N1b to help farmers in output improvement

July 23, 2014

Governor Abdulaziz Yari recently has revealed in Gusau that the Zamfara Government is mulling over securing a loan of N1 billion to support farmers in increasing food productivity in the State.

The Governor, who was represented by the Commissioner of Agriculture Alhaji Idris Rikiji, has made this revelation at the inauguration of the National Agriculture Payment Initiative (NAPI).

Yari has further said that the Zamfara Government plans to approach the Central Bank of Nigeria (CBN) for the vital funds and added that the money will be distributed among the farmers as loan via UBA Bank Plc.

He has also said that the State Government offers fertiliser to the farmers at N1,000 for each 50 kg. Moreover, there is a provision for a subsidy of 50% on all agricultural materials too.

Yari added, This administration is ready to go to any length in assisting farmers to improve their livelihoods.

Addressing the gathering, the CBN spokesperson Mr. Henry Walter has revealed that the launch of the cashless society will be beneficial for the Nigerian citizens, particularly the farming community of the country, because of its e-payment promotion feature.

Walter has further said that the Nigerian apex lender has been focused on agricultural sector and is willing to persuade them to work more with a commitment to support financially.

The Managing Director of Cellulant Nigeria Limited Mr. Bolaji Akinboro, who was also present at the event, has emphasized on the value of the e-wallet project, which is being utilized to implement the Growth Enhancement Support scheme of the Federal Government.

According to Akinboro, the scheme delivers trouble-free links to access agricultural offerings, comprising loans.

He has asked the farming community to protect their farms via insurance policies so that they get help if they face any calamity.

Akinboro has also disclosed that a loan of N20,000 will be extended to a farmer if he collects one bag fertilizer and added that the loan amount will be doubled for the two-bag fertilizer collector.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters