Assembly approves CBN loan for Agric scheme in Ogun state

Ogun gives N54m Fadama loan to farmers

Ogun State Assembly has approved the state government’s request to access a N5 billion loan under the commercial credit scheme of the Central Bank of Nigeria for mass food production.

The credit scheme, among others, is expected to enhance agricultural growth in the state, leading to export of agricultural product and earning of foreign exchange.

Governor Ibikunle Amosun in his request to the Assembly for the credit, said the package would attract a yearly interest rate of six per cent, while the repayment period is spread over 60 month period.

The credit would be disbursed to farmers in the state through Sterling Bank and the programme implemented in collaboration with the Federal Ministry of Agriculture.

 

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