Monday, 5th December 2022
<To guardian.ng
Search
Breaking News:

We’ll continue to finance agric value chains for development, says CBN

By Rotimi Agboluaje, Ibadan  
22 August 2022   |   2:38 am
The Central Bank of Nigeria (CBN) has reiterated its commitment to supporting all agricultural value chains through its Commercial Agricultural Credit Guarantee to accelerate the development

[FILES] Agriculture

The Central Bank of Nigeria (CBN) has reiterated its commitment to supporting all agricultural value chains through its Commercial Agricultural Credit Guarantee to accelerate the development of the sector and the Nigerian economy.  

 
Mr Edwin Nzelu, a deputy director in the CBN, who represented Yusuf Yila, a director of the apex bank, stated this during the inauguration of the first cassava-based sorbitol factory in Africa, owned by Psaltery International Limited and located at Alayide, a village in Ado-Awaye, Oyo State.
  
The apex bank said value chains in cassava make it one of the crops to focus attention on, adding that the bank was willing to fund anything agriculture and its value chains.
  
He said: “It is an aspect of CBN intervention. The CBN actually started intervention as far back as 1977, when the Agricultural Credit Guarantee Scheme was initiated. That one was for small-holder farmers. By 2019, the Commercial Agricultural Credit Guarantee 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.”
 
Speaking at the inauguration, Oyo State Governor, Seyi Makinde, said he would continue to provide an enabling environment for businesses, including agro-allied 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 road. 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,” Makinde said.
  
He said in the last three years, the state had attracted over N23 billion in agribusiness investments and about $125 million in development partner-blended finances for rural roads, agro-logistics, markets and industrial hubs. 

In this article