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Interest Rate On Agric Lending Can Be Reduced To 5% – Ogbeh

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  The federal government has expressed hope that interest rates on agriculture lending can still be reduced to five per cent from the nine per cent approved by the Central Bank of Nigeria (CBN) to encourage the growth of agricultural sector.   

The minister of Agriculture and Rural Development, Chief Audu Ogbe, who made this declaration in Abuja while playing host to the Ekiti State governor-elect, Dr. Kayode Fayemi during a courtesy visit, noted that interest rate is pegged at three per cent in other climes like Mauritius to boost agricultural activities.   

Ogbe expressed the federal government’s readiness to boost agricultural activities in Ekiti State through the re -launch of the Cocoa, Cashew and Cassava projects.   

According to him, “Nigeria has improved in the production of Cassava but there is much to do to add value so as to enhance foreign exchange earnings from Cassava.   

Dr. Fayemi who earlier decried the lack of continuity of many agricultural projects by Governor Ayodele Fayose which he established, called on the minister to assist the State to revamp the sector.    

He however lamented the regression in the achievements that Ekiti State had made in the sector in the last four years and expressed hope that with his coming on board as the new governor of the State come 16 October, 2018, concerted efforts will be made to revive the sector.   



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