From Paul Osuyi, Asaba
Three farmers in Delta State have received award of Best Performing Farmers of the year 2021 by the Central Bank of Nigeria (CBN) under the Agricultural Credit Guarantee Scheme Fund (ACGSF).
The farmers were celebrated at a brief ceremony on Thursday in Asaba for prompt repayment of loans; proper utilisation of loans; and good track record.
Branch controller of the CBN in Delta State, Dr. Godwin Okafor said the reward was encourage the general public to get involved in the ACGSF programme.
Okafor urged money deposit banks and microfinance banks to key in and provide opportunities for rural farmers to benefit from ACGSF.
“The yearning of the bank and the government of the day is to reduce poverty to the barest minimum; create jobs for our teaming population; and diversify the economic base of the nation, among others,” he added.
Speaking further on the purpose of the award, the Head, Development Finance of CBN in Delta State, Elias Tochi Nworie, explained that it was to reward commitment and good credit behavior.
Nworie stated that it was also to encourage more lending to the agricultural sector by the banks especially deposit money banks and microfinance banks in order to help drive the economic diversification of the government.
He commended LAPO Microfinance Bank has for being a key player in the process, earning for itself the award of the Best PFI, and urged other banks to key in and support the scheme.
Our correspondent understands that ACGSF is jointly owned by the Federal Government and CBN with 60% and 40% shares respectively.
The fund which is managed by CBN, seeks to de-risk loans to farmers by 75% net recoveries from collateral