CBN to finance 1.6 million farmers this year

The Central Bank of Nigeria (CBN) is to provide agricultural funding for about 1.6 million farmers during the 2020 wet planting season.

The apex disclosed bank would support the farmers in the cultivation and production of 10 key agro-commodities,

The CBN outlined the commodities to include cotton, rice, oil palm, tomato, cassava, poultry, fish, maize, cocoa and livestock/dairy.

Yila Yusuf, the bank’s Director, Development Finance Department, disclosed this on Tuesday in Abuja at the the  inauguration of farm inputs distribution for cotton farmers for the 2020 planting season.

Yusuf said the financial support to the 1.6 million farmers would ensure food security for the country, particularly after the devastating effects of COVID-19 on the agricultural sector.

Although, the bank did not disclose the cost implication of implementing the 1.6 million farmers it intends to finance in 2020.