Nigerian agricultural sector will receive a N84 billion boost in form of special purpose credit.
The credit scheme is created by Ecobank Nigeria Plc. for agri-businesses in the country to access in order to increase their productivity.
According to Ecobank, the scheme was created in line with the federal government policy and will have significantly impact on the sector within the four-year time period.
Country Manager, Agriculture and Export Finance, Ecobank Nigeria, Abel Ajala, disclosed this, adding that the bank was in collaboration with the Central Bank of Nigeria (CBN) and the Bank of Industry (BoI) for this scheme.
Ajala said, “apart from the bank’s direct lending to agriculture sector, Ecobank has supported many stakeholders in the sector to obtain BoI’s loans and various CBN-support facilities for agriculture such as Commercial Agricultural Credit Scheme (CACS), Nigeria Incentive – based Risk Sharing for Agricultural Lending (NIRSAL) at a single digit interest rate.
“Ecobank also plans to grow the BOI/CBN funding portfolio in the bank significantly in the next four years,” he added.
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