The bank noted that each state and the FCT would get N1b, but that the money would be given as facility at a single-digit interest rate, with the amount to be increased when the need arises.
According to the Bank’s Managing Director, Abubakar Bello, while speaking in Katsina, the money would be used to develop and support one or two export commodities from primary production to the export stage.
Bello noted that: “the initiative is aimed at complementing federal government’s efforts at diversifying oil-base revenue to agriculture.”
He explained that the bank has chosen Katsina as pilot state to kick-start the initiative, and that both the bank and the state government would work closely to ensure the success of the initiative.
and then