From Tony Osauzo, Benin
The Central Bank of Nigeria (CBN), yesterday, called on financial institutions to embrace its Agricultural Credit Guarantee Scheme Fund (ACGSF) to ensure food security in the country.
Branch Controller, CBN Benin City, Edo State, Davis Jumbo, who made the call during the presentation of best farmer of the year 2020 award to clients of LAPO microfinance bank and Prosperity Microfinance Bank, said the agricultural scheme would also support the revenue diversification drive of the Federal Government.
He said the scheme which was established in 1977 by Decree 20 a share capital of N100 million, had the share capital increased to N30 Billion and then to N50 billion when the ACGSF Act was amended in 2019, explaining that the Federal Government and the Central Bank of Nigeria hold a 60.40 percent share ratios of the fund, respectively.
Jumbo commended the awardees’ financial institutions for boosting credit in the agricultural sector and their relentless efforts in supporting the CBN drive to ensure growth in the national food production.
“On this note, I want to implore all eligible financial institutions in Edo State to embrace this scheme as a viable channel to boost food security in the country and support the revenue diversification drive of the federal government”, he said.
In her remark, representative of LAPO microfinance bank at the event, Oluremi Akande, said the bank has spent over N24 billion to empower 34,000 farmers across the country, adding that the bank plans to spend N10 billion to fund agriculture this year alone.