Groups target 500,000 jobs with agriculture scheme
To increase banks lending in the agricultural sector and boost agricultural productivity in the country, Stanbic IBTC has commenced a N50billion Agric Financing Scheme.
The Scheme, in partnership with the Nigeria incentive-Based Risk Sharing System and Agricultural Lending (NIRSAL), would commence with N10billion facility for the 2017/2018 dry and wet season farming.
The credit facility targeted at Primary production/input supplier, farmers, traders/processor, marketing, distribution would also create over 500,000 direct jobs in the agriculture value chain.
The Managing Director, Stanbic-IBTC Bank Ademola Sogunle, during the signing of a Memorandum of Understanding with NIRSAL ,yesterday, said the partnership would cover NIRSAL supported projects in livestock, crops, mechanization, logistics and poultry.
The NIRSAL MD, Mr. Aliyu Abdulhameed said the bank would give loans to bankable agric projects.