ADVERTISEMENT

CBN says Nigeria gradually becoming self-sufficient

This was disclosed during a town hall meeting in Awka with stakeholders involved in the CBN’s programme for rice production in Anambra.

Sokari said this during a town hall meeting in Awka with stakeholders involved in the CBN’s Anchor Borrowers Programme for rice production in Anambra.

He said the key role played by stakeholders in the country, especially in the state, contributed largely to the increase in rice yield in 2016.

“I am confident that through this CBN programme, rice production will double in this country.

ADVERTISEMENT

“By extension, this is sure to reduce poverty among small-holder farmers.’’

The branch controller said the state had accessed N2 billion as at December 2016 from the programme’s funds.

He said that farmers could access the funds as a group of between five and 20; but they must open an account with any of the participating banks in the state.

“From what is in the programnme, each state is expected to bring up a crop that has some production advantages.

“On the basis of that, they can approach the CBN through the participating institutions for funding.

ADVERTISEMENT

“However, the loans must be repaid within five months through the produce,” he said.

Earlier, Mr Afam Mbanefo, the state Commissioner for Agriculture, Mechanisation, Processing and Export, said the CBN funds would scale up activities in the state’s agricultural sector.

Mbanefo, who was represented by Mr Jude Nwankwo, said the ministry had concluded plans to double yields this year for export which would also conserve foreign exchange.

Also, Mr Andrew Oseloka, the Branch Head, Nigerian Agricultural Insurance Corporative (NAIC), urged farmers to indemnify their farms against damages like fire, flood, drought, pests and rice diseases for quick recovery.

In his remarks, Mr Emmanuel Agwuncha, the State Coordinator, IFAD-assisted Value Chain Development Programme, said 10,000 rice farmers would be registered for the CBN initiative in 10 local government areas.

ADVERTISEMENT

Agwuncha said the farmers would be trained on good agronomic practices, business management and cooperative principles and dynamics in rice farming.

According to him, the town hall meeting is aimed at sensitising stakeholders on the modalities and approaches required of them to access funds from the CBN anchor borrowers programme.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Peter Obi breaking fast with Muslims in Abuja mosque gets Nigerians talking

Peter Obi breaking fast with Muslims in Abuja mosque gets Nigerians talking

Video of weird school competition shows young students licking one another's feet

Video of weird school competition shows young students licking one another's feet

UniCal records highest number of first class graduates in 49 years

UniCal records highest number of first class graduates in 49 years

Army announces names of 17 soldiers killed in shocking Delta attack

Army announces names of 17 soldiers killed in shocking Delta attack

Ooni wants Ile-Ife, Modakeke indigenes to live together peacefully

Ooni wants Ile-Ife, Modakeke indigenes to live together peacefully

'Politics is not about being negative every time' — Peter Obi

'Politics is not about being negative every time' — Peter Obi

Army thinks Okuama community planned shocking murder of 16 soldiers in Delta

Army thinks Okuama community planned shocking murder of 16 soldiers in Delta

27,600 Benue women to receive grants, loans for business growth, self reliant

27,600 Benue women to receive grants, loans for business growth, self reliant

₦184 million per street light project and other shocking figures in 2024 budget

₦184 million per street light project and other shocking figures in 2024 budget

Pulse Sports

Super Eagles Bright Osayi-Samuel punches pitch invader as violence erupts following Trabzonspor vs Fenerbahce

Super Eagles Bright Osayi-Samuel punches pitch invader as violence erupts following Trabzonspor vs Fenerbahce

Naija Stars Abroad: Moffi, Chukwueze battle Oshoala, Echegini for POTW

Naija Stars Abroad: Moffi, Chukwueze battle Oshoala, Echegini for POTW

Report: Super Eagles get new coach for Ghana and Mali clash

Report: Super Eagles get new coach for Ghana and Mali clash

Osimhen misses out on N17b payday after Napoli's UCL loss to Barcelona

Osimhen misses out on N17b payday after Napoli's UCL loss to Barcelona

‘Thank you’ - Osimhen’s girlfriend Stefanie Ladewig grateful for being the mother of his child

‘Thank you’ - Osimhen’s girlfriend Stefanie Ladewig grateful for being the mother of his child

4 reasons why Victor Osimhen should choose Arsenal over Chelsea, Manchester United and PSG

4 reasons why Victor Osimhen should choose Arsenal over Chelsea, Manchester United and PSG

ADVERTISEMENT
ADVERTISEMENT