CBN Assures Farmers Of Loans At Five Percent Interest

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Central Bank Governor, Godwin Emefiele has disclosed that the bank would soon release funds to enable farmers acquire loan facilities at no more than five percent interest rate.

He said the loan facility would help farmers acquire required equipment to enhance their productivity and boost the nation’s economy.

Emefiele made this known at official commissioning of the MITROS Rice processing factory and formal launch of the rice by Ogun state government in Abeokuta on Thursday.

He said, “The Buhari-led administration is taking agriculture serious. We would support all efforts to develop the agric sector, to provide food, job and also grow the economy. The selfish aspect of it for me is that it goes to preserve our foreign exchange, as far as we produce what we eat, and we eat what we produce.

“The next step is to tell ourselves how to process the products – how do we harvest, how do we process and we would look at providing funds at not more than five per cent to acquire necessary equipment.”

The apex bank boss also commended Ogun State Governor, Ibikunle Amosun for his exploits in boosting agriculture in the state.


John is a University of Lagos-trained journalist. His views are always the end products of a deliberate search for information and knowledge. He has read almost every novel written by Chinua Achebe, Jeffrey Archer and Dan Brown. He is an expert Scrabble and draughts player who is also excellent at swimming. If you know the capitals of 45 African countries by heart, then you are exactly like him.

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