Farmers seek exclusion of ‘impostors’ in CBN’s zero-interest scheme

‘Agric for Food and Jobs Plan ’ and the zero-interest loans meant for smallholder farmers in the frantic efforts to prevent food shortage, hunger and unemployment post-COVID-19.

The initiative incorporates the private sector through some out-growing schemes involving farmers and off-takers to ensure industrialisation of the crops, price stability and sustainable means of livelihood through interest-free. The CBN Governor, Godwin Emefiele, said during a review session on the ABP, and the strategies for the 2020 agricultural wet season that the creation of a non-interest window was a result of appeals from stakeholders for farmers across the country to also be considered for funding under the non-interest facilities.

Dr Richardson Okechukwu, a cassava breeding and value chain specialist with the International Institute of Tropical Agriculture , said it is an “Excellent way to facilitate agricultural enterprises that have for long been neglected.” Pa Akinade added that the country would be able to use the available reserves only on very essential items that the country could not produce locally and, as time goes on, it would earn more for the nation.

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