Ondo govt. commends CBN for N200bn loan to cash crops farmers

Ondo State Government has commended the Central Bank of Nigeria (CBN) for approving N200billion facility to farmers of five major cash crops at a single digit interest rate in the state.

Mr Bolu Ajijo, the Head of Information, Ministry of Agriculture and Rural Development, quoted the Commissioner for Agriculture, Mr Adegboyega Adefarati as saying this in a statement.

The cash crops are Cocoa, Cashew, Oil Palm, Shea Butter and Sesame Seeds.

According to Adefarati, the loan is one of the outcomes of the Bankers Committee’s meeting with the apex bank held last week.

Adefarati said that the development was a singular opportunity cash crops farmers in the state had been yearning for ages to take their trade to the world stage.

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He expressed appreciation on the tenure of this present government and recounted efforts put in place by Gov. Rotimi Akeredolu, who took the battle to the highest level, the National Economic Council.

“The contention of Ondo State, a leading producer of cocoa and major producers of oil palm in the country is to convince CBN to advance the facility to cocoa and oil palm sector as it did to rice farmers and it blossomed.’’

The commissioner said that with a single digit interest rate facility, cocoa, oil palm and cashew farmers in the state would be able to get the necessary inputs to up their games and improve their production.

While commending the National Economic Council which  Akeredolu took the campaign to and the Bankers’ Committee for approving the facility for cash crop farmers, Adefarati enjoined cocoa, oil palm and cashew farmers to take advantage of this long-awaited opportunity by approaching their banks to access the much-needed loan.

He, therefore, called on the Federal Government to set up a Presidential Committee on Cocoa Production as it did for some other sectors to ensure the Cocoa Rebirth Revolution.

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According to the commissioner, this is the surest way to maximise the country’s comparative advantages in cocoa production.

“One of the high points of this development is that the facility is also extended to companies processing any of these cash crops at a single digit interest rate for up to 10 years tenor.

“The whole essence of this facility apart from reducing poverty among the farmers is to also improve their capacity to produce and to export,’’ Adefarati said.

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