Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has expressed satisfaction with the high level of interest in the Nigerian agricultural sector and the impact across value chains over the last six years.
The CBN governor made the remarks over the weekend while inspecting a palm plantation in Odighi, Ovia North East Local Government Area, Edo State.
During a press conference, Emefiele praised President Buhari’s foresight in revamping the agricultural sector, with the CBN playing a key role.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
He claimed that with the rising cost of food around the world, Nigeria would have been in dire straits if proactive measures had not been taken.
He expressed delight that the Bank had played a pivotal role since 2015, following President Muhammadu Buhari’s declaration that Nigerians produce what they eat and eat what they produce.
Following that announcement, he said, the bank launched a number of initiatives aimed at repositioning the sector in order to create jobs and boost the country’s gross domestic product (GDP).
Emefiele expressed optimism that palm produce harvesting would begin within the next 12 months based on his assessment of the farm in Odighi.
The CBN Governor, visibly elated by the progress being made in maize and cassava production at the farm, acknowledged the important role played by the Edo State Government.
He thanked Governor Godwin Obaseki for putting words into action by making arable land available to those who are genuinely interested in agriculture, and he urged other state governors to follow Edo’s lead, which had so far made available roughly 70% of the promised arable land.
Emefiele praised the Anchor Borrowers’ Programme (ABP) for revolutionizing agricultural practice by providing credit facilities in the form of inputs such as seedlings, fertilizer, and herbicides to small holder farmers who cannot approach commercial banks for loans.
“Those small-holder farmers can now cultivate and produce enough for their families while easily selling produce as loan repayment, generating employment, improving living standards, and creating wealth all at the same time.”
Emefiele also praised Obaseki for promoting Agri-Allied Resources and Processing Limited, and the company for responding to the CBN’s call to source critical raw materials locally.
He stated that the company had painstakingly embraced the backward integration principle by acquiring 18,000 hectares of farmland for the cultivation of oil palm, cassava, and maize, which are critical raw materials used by the group.
Mr. Madhukar Khetan, Managing Director of Agri-Allied Resources, hinted during the visit that the company had so far accessed a ten-year loan for the project in the sum of N15 billion, at single-digit interest rate with a two-year moratorium, under the Commercial Agricultural Credit Scheme (CACS). Currently, the farm has about one thousand employees.
