Members of the Ekiti chapter of National Cotton Association of Nigeria (NACOTAN) have been assured by the Central Bank of Nigeria (CBN) of its financial assistance to enable them embark on massive production of cotton in the state.
A representative of CBN, Mr. Olutayo Sowumi, gave the assurance at the weekend during the inauguration of the Recovery of Cotton Outputs for 2019/2020 planting season under the CBN and NACOTAN Anchor’s Borrower Programme (ABP), held in Itapaji Ekiti, Ikole Local Government Area of Ekiti.
“The ABP was inaugurated by the Federal Government to boost productivity and alleviate poverty among farmers. It is on this note that the CBN determined to assist NACOTAN members to make life better for them,” Sowumi said. He said the apex bank’s management was delighted with the conduct and hard work of NACOTAN members for maximising the scheme in the state. He, therefore, urged other cotton farmers, who benefited from the facility, not to delay in the repayment as the loan is a revolving one which other farmers are expected to benefit from in subsequent years.
“The beneficiaries should come willingly and pay so that others can also benefit. If they do not pay, it means they are trying to terminate the programme. It should be a revolving fund; as you collect, you produce, you sell and then pay the loan so that others that have not benefitted can also benefit.
“I wish to say that NACOTAN members are the best association that CBN has ever worked with without any problem. They are disciplined, hardworking and I want to assure them that the CBN management will continue to support them financially to make their cotton production easy and successful,” he said.
Governor Kayode Fayemi of Ekiti, represented by the Commissioner of Agriculture and Rural Development, Mr. Folorunso Olabode, said his government was determined to support NACOTAN to nurture and sustain the production of cotton in the state.
Fayemi said the state would welcome investors who are determined to improve the economy of the state and provide job opportunity for the youths.
The governor, who described Ekiti as an agrarian state, said his administration was determined to make agriculture not only lucrative but also attractive.