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FG Approves N2bn Loan For Commercial Farming In Kwara



The governor of Central Bank of Nigeria ( CBN ), Dr. Godwin Emefiele at the weekend announced that the bank has decided to supplement the foreign investment of valentine chickens, a subsidiary of Shonga Farms Holdings Limited in Kwara state with a loan of N2 billion .

Emefiele, who said the loan attracts a single digit interest rate of nine percent, stated that Kwara State has a comparative advantage in poultry business,making it necessary to support the management  and owners of Valentine Farms whose business, he said, has provided employment for a lot  of unemployed youths in the state.

The apex Bank governor who disclosed this during a working visit to Shonga Farms in Edu local government area of Kwara State,  said the loan is meant to support value chain in chicken production in the farms with a potential of employing more hundreds of youths.

Emefiele, in company of the Senate President, Dr. Bukola Saraki, Chairman, Senate Committee on Agriculture, Abdullah Adam and the kwara State Governor, Dr. Abdulfatah Ahmed, expressed satisfaction that critical sectors in the farms are being managed by Nigerians.

He praised the state government for the initiative describing it as an example of a successful collaboration with foreign direct investors that created employment in the agro-allied  business in the country.

Earlier, the Senate President, Dr. Bukola Saraki had  thanked the CBN for supporting commercial agriculture  in the state and assured the foreign investors that lawmakers will give support to agro-allied related business in the country through appropriate laws in order to create more employment opportunities for growing youth population in the country.

The state governor, Alh  Abdulfatah Ahmed assured the CBN Governor that the state is adequately positioned to champion commercial agriculture revolution in the country.

He added that his administration has established an Off-taker Demand Driven Scheme based on the lessons learnt from the Shonga model as a means of empowering farmers, creating jobs and establishing the state as a major agriculture hub in the country.