The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has urged operators in the agricultural and manufacturing sectors of the economy to adhere strictly to the terms and conditions of the Central Bank of Nigeria (CBN), single-digit interest rate loans and utilise funds for the purpose which it was granted for.
Ogbe who made the call yesterday during a press briefing in Abuja, urged borrowers to leverage on the opportunity to fulfill their dreams, as they will be mandated to make the project and records available for inspection and verification by the CBN.
He noted that the CBN’s move was in compliance with the Presidential directive to lower lending rates to the productive sectors of the economy on which he had repeatedly assured Nigerians.
According to him, “farmers and manufacturers can now borrow long term as much as N10billion at consolidated nine per cent interest rate with a minimum of seven years tenor and a two-year moratorium as stated by the CBN recently.’’
The minister explained that single-digit facilities would create more jobs for Nigerians and help revive many ailing and moribund projects and invigorate the weak ones that desperately needed injection of funds to survive.
He lauded the Central Bank of Nigeria (CBN) and Bankers’ Committee on the agreement to offer funds with low interest rates to agricultural and manufacturing sectors. Adding that the ministry will join hands to ensure that farmers will repay loans granted to them without excuses.
“We have been advocating for this for many years, I appreciate President Muhammadu Buhari, the CBN and Bankers’ Committee for the initiative. This revolutionary policy is appreciated by farmers and manufacturers. I see it as a major step towards reversing the horrible damage done to Africa by the Structural Adjustment Programme of the mid-eighties,” he said.