Kwara to drive agric investment with N1bn CBN loan

by | December 7, 2016 12:00 am

Governor Abdulfatah Ahmed has declared his intention to massively drive investment towards agriculture and other agro-allied sectors if he gets approval from the state house of assembly which will impede access to N1 billion central banks agric credit facility.
According to the Executive Bill sent to Ali Ahmad-led Kwara State Assembly and read on the floors on Thursday, Governor Ahmed explained that current conflict situation necessitated quick diversification into agriculture and solid minerals, saying the intention of Kwara state government is to channel massive investment to agriculture.
He said that N1 billion CBN commercial agriculture credit scheme facility, which the government currently seeks from the apex bank if finally approved by the State House Assembly, would open huge opportunities for existing and would-be farmers and agro-allied investors in such a way that massive employment opportunities and wealth would be created.
He said the scheme would boost agricultural activities and guarantee food security as well as providing robust foreign exchange earner, adding that Union Bank Plc had offered the facility through CBN to the government for onward disbursement to Co-operative farmers across 16 local government areas in the State with a view to expanding agricultural investments with a tenor of 36 months.
While explaining that government being one of the beneficiaries of the scheme, had achieved a lot through unflinching commitments to implementation of agricultural policies, the governor said that to access the facility, the approval of the Legislature was required and urged the House to grant the approval to enable his government access the loan.
Meanwhile, the Kwara State House of Assembly had vowed to recover funds from defaulters of agricultural loans taken from the state Government by Farmers in all the 16 government areas of the State in 2010, saying it would be better to recover agric-based loans that are yet to be repaid to various financial institutions by farmers across the state.