Nigeria offers cheap loans to farmers to boost output

Nigeria offers cheap loans to farmers to boost output

Postby Richard Akindele » Wed Apr 05, 2006 5:04 pm

LAGOS (Reuters) - Nigeria has earmarked 50 billion naira for lending to farmers at 8 percent interest in a new step towards reviving its weak agricultural sector, the central bank said on Tuesday.

The bank, which had last month pegged interest rates on agricultural loans at 14 percent, said it would subsidise the new credit scheme by 6 percent.

"The purpose of the scheme is to develop the agricultural sector of Nigeria by providing credit facilities to farmers at single digit interest rates," it said in a circular.

Commercial farming in Nigeria, the world's fourth largest cocoa grower, is hampered by poor infrastructure and lack of funding as most farmers have no access to loans because they cannot provide the required collateral, analysts said.

The world's eighth biggest oil exporter is keen to diversify its economy and President Olusegun Obasanjo has introduced some subsidies in the past four years to encourage farmers to produce more.

He is particularly keen on developing cassava exports. Nigeria already exports some cassava to Asia and it hopes to eventually earn $5 billion annually from the trade.

Farming was Nigeria's economic mainstay until vast oil reserves came on stream in the 1970s.

Agriculture contributes about 40 percent to the Gross Domestic Product (GDP) and has grown by about seven percent since 2003, according to official figures.

Africa's most populous nation, with about 140 million people, hopes to become an exporter of rice, sorghum and maize by 2007 when some programmes introduced by the government to boost the sector mature. For now, it is one of the world's biggest rice importers.

http://za.today.reuters.com/news/newsAr ... 060405.XML
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Postby Georgia08 » Thu Mar 08, 2012 4:59 am

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new stuff

Postby patolala » Sat Mar 02, 2013 12:12 pm

there is this new website they are good in entertainment and sports news, i just thought its only nice for me to share it with my fellow nigerians
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