New CBN Agric loan: Nigerian farmers have waited so long for this moment – Audu Ogbeh
The Minister of Agriculture and Rural Development Chief Audu Ogbeh has expressed joy over the new credit policy of the Central Bank of Nigeria CBN as it concerns the agricultural sector.
The new credit policy called Guidelines for Accessing Real Sector Support Facility (RSSF) through CRR and Corporate Bonds”, was released by the Central Bank on August 23 to increase flow of credit to the real sector of the economy in order to consolidate and sustain economic recovery.
In the new policy, agricultural, manufacturing and the sectors considered as growth and employment stimulating, can now borrow long term as much as N10 bn at consolidated 9 percent interest rate under the new guidelines.
Chief Ogbeh while addressing a press conference to this effect said the ministry had been advocating a low single digit interest rate for many years, convinced that the outrageous interest rates which have ruled the sectors for the last three decades, have to a great extent, been responsible for the slow growth of the economy.