CBN plans increased local production in agric sector

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The Central Bank of Nigeria has said it is stimulating local production in the agriculture business to enhance growth and boost employment in the country.

Some of the apex bank’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, according to a statement.

“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,” he said. According to the statement, 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.

 

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