President Mohammadu Buhari has given a directive to raise funds to support agriculture and industry at single digit interest rate.The Minister of Agriculture and Rural Development, Audu Ogbeh, at the NACCIMA/NIRSAL agribusiness conference held yesterday in Abuja said the president stated this at the federal executive council meeting.

He disclosed that the committee, headed by the Vice President, would ensure they keeping the interest rate at 10 per cent.Stressing the need to restructure agricultural credit, he said: “At the council of ministers meeting, the president gave a directive to raise fund to support agriculture and industry at one digit interest rate.

“If we don’t keep the interest rate as minimum as it should, there is trouble ahead. Manufacturing is not so easy, other countries support agriculture, in every farm in Europe government support it with six euros per day.”


He lamented the inaccessibility of finance for agriculture, noting that farmers cannot borrow at 25 per cent interest rate as there is no production business that one can engage in with such interest rate.He said because the country is operating a federalism system of government has made it impossible for the Federal Government to interfere in the affairs of states

He lamented that despite increased focus on agriculture, there are states that does not have a single working tractor for farmers. He urged the private sector to put pressure on the governors and local government chairmen to do the right thing.

Meanwhile, Vice President Yemi Osinbajo yesterday restated the determination of the administration to empower Nigerians if those in government resist the temptation to corner the nation’s resources to satisfy personal greed.

Speaking in Osogbo, where he flagged off Government Enterprises and Empowerment Programme (GEEP), Osinbajo said the ruling All Progressive Congress (APC) came to power because ordinary people on the streets gave it overwhelming support in order to give the nation a lease of life.

He said, “When I arrived here I have seen for myself some products that should be supported by our administration. Our government will continue to work very hard to support them by making available resources to boost their businesses.’’

Governor Rauf Aregbsola said for serious-minded people ready to do business, his administration and government at the centre would do everything possible to enhance ease of doing business in order to boost the economic capacity of the society.

His words, ‘‘for those ready to do business, there are abundant opportunities to create wealth and urged citizens of the state to key into GEEP to improve their businesses. ‘’

more details at http://www.akelicious.com/2017/12/buhari-orders-single-digit-interest.html

Lol. Very good, but I think only NIGERIANS should be eligible to apply.

Good news

Sai baba

..... Yyiplcssshh

*Qoute*

“If we don’t keep the interest rate as minimum as it should, there is trouble ahead. Manufacturing is not so easy, other countries support agriculture, in every farm in Europe government support it with six euros per day.”


His words, ‘‘for those ready to do business, there are abundant opportunities to create wealth and urged citizens of the state to key into GEEP to improve their businesses. ‘’



Very good development

python1:
Lol.

Lol²

As if I was not their yesterday, everything was turned to Political Rally and I had to pack my products and leave.

For Oga Audu, empower the Bank Of Agriculture and make them do what Bank of Industry is doing and we will see great improvement in the Agric sector

Just do everything u know will reduce this current hardship

Nice move by FG, please when are they going to start disbursing the stuff now? I am a farmer in my country!

Zero interest would be the best for the serious minded ones

2019 elections is around the corner, and political reallignments is happening with cross-carpeting across the political landscape.


It is high time they started doing things they ought to have done in order to sway some fellows with short memory, and afterwards slip back to inactivity and blame game!

Okay...

Who will provide the funds?

Most definitely the CBN. The banks will just be conduits. I cannot struggle to find fixed deposit at 15 percent when everyone is aware of your MMM bond and T bills of 17 percent and still come and dash one Farmer the money because the President Said so

Hmmm

On this front I'm a fan, not of the party but of the decision, every decision made in the country should be favourable to the people because a government is supposed to be for the people. Soon you will see some youths shouting and moaning like someone they put something inside their thing

Hayah:
Zero interest would be the best for the serious minded ones

street is military

BMC are always the first to comment in threads like this!

[s]

Omeokachie:
2019 elections is around the corner, and political reallignments is happening with cross-carpeting across the political landscape.


It is high time they started doing things they ought to have done in order to sway some fellows with short memory, and afterwards slip back to inactivity and blame game!

[/s]
They have arrived.

It is not about ordering ,it will never be implemented by the evil cloned workers in the agric bank .

Had a nasty experience trying to open account with them for my farm project .

Nothing works in this country .He can order ,but how will it be monitored for effective implementation .

Buhari is fighting a lost battle .

The illiterate speaks again.
Is it possible to organize a free market economy by fiat and command ?
Nigeria my country.

Hayah:
Zero interest would be the best for the serious minded ones

The bank of Agriculture will not take that, remember this is what Islamic bank offered but the tag "Islamic" is the reason why it will not work because Nigeria is a religion sensitive country

post=62871699:
Very good development

Nothing good about it. The economic team needs to determine what rate the system can handle. There is a relationship between interest rates and inflation. You just can't order it downwards. APC needs to stop campaigning. Economies don't function through orders. If there is a single digit interest loan in a long-term sector like agriculture, don't u think the money will naturally flow to short term profitable businesses even with higher interest rates? The banks won't even need to lift a finger to make profit. Arbitrage opportunities.

chloride6:
Who will provide the funds?

Most definitely the CBN. The banks will just be conduits. I cannot struggle to find fixed deposit at 15 percent when everyone is aware of your MMM bond and T bills of 17 percent and still come and dash one Farmer the money because the President Said so

Abeg, how this treasury bill dey work sef? As in, how can I get into the stuff? I have some cash in the bank but the yeye bank just dey post interest for only one night groove per month.

IamaNigerianGuy:
The illiterate speaks again.
Is it possible to organize a free market by fiat and commands ?
Nigeria my country.

My broda. Thank you. U no even need to explain.

Who are the managers of the economy that always wait for buhari to always "order"? Is my President an economist? #ta

The problem is not only with the interest rate. The loans are not available. I was at the bank of agriculture Abeokuta last month. they have not paid a single loan in 6 months. As policy they won't give more than N250,000 without the farmer having a C of O. The micro finance banks would lend but at over 25% interest rate. SO the first thing we expect from the government is to make funds available for farmers in banks all over the country.

After almost 3 years and just to dupe he brainless Nigerians like they did in 2015 with bogus campaign promises...

Fraudsters

That is if one ever gets the loan..

Nice one if only it is fully implemented...

Na naija we dey