CBN agrees to 5% lending rate for farmers – Ogbeh
The Central Bank of Nigeria (CBN) has agreed that loans by banks to farmers in the country should attract only five per cent interest, the Minister of Agriculture and Rural Development, Audu Ogbeh, said Tuesday.
Mr. Ogbeh made this known on Tuesday, while delivering a keynote address at the opening of a two-day national workshop on a “New Agricultural Policy for Nigeria”.
The workshop was organised by the National Agricultural Foundation of Nigeria (NAFN) in collaboration with the ministry and All Farmers Association of Nigeria (AFAN).
According to the minister, the agreement followed discussions with key officials of the apex bank on Tuesday morning.
“Just this morning, I have talks with key officials of the Central Bank of Nigeria to bring the lending rate to five per cent
“With those rates, I assure you as a man, who has been in this business – agriculture – since the age of seven years, you cannot make profit in agriculture,’’ Mr. Ogbeh said.
