Audu Ogbeh
Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed last week that the Central Bank of Nigeria had approved that loans by banks to farmers in the country should attract only five per cent interest.
Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed last week that the Central Bank of Nigeria had approved that loans by banks to farmers in the country should attract only five per cent interest.
This is a commendable step. But the federal government needs to devise a workable means of ensuring that farmers reap the benefits of the new interest rate.
The government should create appropriate incentives for the banks to encourage them to lend to farmers. And to harness the increased agricultural productivity that is expected to follow the new policy for national food security, the government needs to invest in modern storage facilities. There must be a conscious effort to end the cyclic pattern of waste that has been the bane of farmers in the country.
---- Vincent Obia
---- Vincent Obia
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