CBN, Niger Delta Partner on Low-Interest Loans for Rice Farmers

The Central Bank of Nigeria (CBN) in partnership with the Ministry of Nigeria Delta Affairs is set to give out single-digit loans to rice farmers in the Niger Delta area.

The loan is said to be part of the Bank’s effort towards boosting rice production in the country and also to further the development of the Niger Delta region.

The agreement is an aftermath of a meeting in Abuja between the Minister of Niger Delta Affairs, Godswill Akpabio, and the CBN Governor, Godwin Emefiele.

The meeting was attended by the representative of Akpabio, Permanent Secretary of the ministry, Adesola Olusade, and representative of Emefiele, Anthony Ifechukwu, among other delegates present.

Head of Press and Public Relations at the Ministry of Niger Delta Affairs, Patricia Deworitshe, made the announcement in a press statement made available to journalists.

The statement read in part, “Ifechukwu also assured participating farmers of a guaranteed market price for their produce, explaining that the bank would give a single-digit interest loan for five years.

“He advised eligible farmers willing to participate in the scheme to procure quality seedlings from reputable companies and plant their crops in clusters, adding that CBN will do index insurance for participating farmers.”

The CBN has also reiterated its commitment towards supporting livestock and fishery production in the region through the provision of index-based insurance for participating farmers.

On her part, Olusade explained that the project seeks to acquire farmlands in nine Niger Delta States in collaboration with their governors.


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