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Our funding of agric value chain remains strong – CBN

By Rotimi Agboluaje, Ibadan
21 August 2022   |   4:03 am
The Central Bank of Nigeria (CBN) has reiterated its commitment to assist all the agricultural value chains, through its scheme, to accelerate the development of the sector and the country’s economy.

The Central Bank of Nigeria (CBN) has reiterated its commitment to assist all the agricultural value chains, through its scheme, to accelerate the development of the sector and the country’s economy.  

A Deputy Director of the apex bank, Mr. Edwin Nzelu, disclosed this during the inauguration of the first Cassava-based Sorbitol Factory in Africa, owned by Psaltery International Limited, in Alayide Village, Ado-Awaye, Oyo State.

Represented by Yusuf Yila, Nzelu said the value chain in cassava makes it one of the crops to focus attention, adding that the bank is willing to fund anything agriculture and its value chain.

He said: “It is an aspect of CBN intervention. The CBN actually started the intervention as far back as 1977, when the Agricultural Credit Guarantee Scheme was initiated – for smallholder farmers. By 2019, the new scheme started, which is to support the big-ticket agricultural schemes. So, by 2019 we introduced the 12 commodities development initiative, cassava is one of them.  This is one of the first beneficiaries of that initiative.

‘’Anything funding of agriculture we are ready. We finance all the value chain of agriculture, from production, processing and marketing. And we are aware that from cassava you can get many other products.”  

Speaking at the inauguration, Governor Seyi Makinde promised to continue providing an enabling environment for businesses.
 
“Our strategy is based on one principle, and the principle is that there cannot be agricultural transformation without rural transformation. If you look at our communities, there is no water and no good roads. That was why one of the first projects we awarded was the 65km Moniya-Iseyin road. So, our model has achieved great success for us.

“In the last three years, Oyo State has attracted over N23b in agribusiness investment and about $125m in development partners-blended finances for rural roads, agro-logistics, markets and industrial hubs in investment into this sector. 

“We have also been very strategic about how we apply the funds to accomplish our goals. So, the market had to drive the demands. And I promised our people was that our infrastructural development will stimulate our economy.’’

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