The Central Bank of Nigeria (CBN) is exercising its power to reflate the economy through funding support for key sectors especially the agricultural sector. The Anchor Borrowers’ Scheme, Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), Commercial Agricultural Credit Scheme (CACS), the Agricultural Credit Guarantee Scheme (ACGSF) and other initiatives were introduced by the apex bank to support local farmers in making food available to the population, encourage the consumption and patronage of Nigeria farm produce and supporting domestic economy, writes COLLINS NWEZE.
Before now, farmers were the least that banks would consider for loans. Such loans, if approved, were deemed lost from the outset, especially when advanced to smallholder farmers.
Today, the story has changed. Both the smallholder farmers and commercial farmers can access long-term loans from banks at a single interest rate.
Also, lenders, which previously…
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