A new window of opportunities may have been opened up in the nation’s agriculture sector, with a pledge of ₦300 billion fresh financing of the economic segment and its value chains in 2016 by the Bankers’ Committee.

Besides, the earlier plans by the Central Bank of Nigeria (CBN) to create about one million jobs through small businesses’ development and support by lending at “ridiculously” lower interest rate to graduates got the nod of the committee.

The CBN Governor and Chairman of the Bankers Committee, Godwin Emefiele, said 2016 would see the financial industry raise support for Small and Medium Enterprises (SMEs) and increase further its contributions in the development of the nation’s agriculture sector to reduce importation and foreign exchange spending on food products.

The new ₦300 billion initiative would be a combination of CBN’s intervention and banks liquidity, which was recently boosted with the reduction in Cash Reserve Requirements from 25 per cent to 20 per cent.

He noted that previous of efforts of the Bankers Committee to spotlight opportunities and need to support agriculture in the country, resulted to improved lending by banks to manufacturing, power and aviation sectors, with notable shift from one per cent in 2010, to four in 2015 in agriculture.

He however, noted that there is need to de-risk the agriculture value chains to enable banks voluntarily open up their vaults in support of the sector’s development.

Already, CBN said it has collaborated with other government agencies, in training over 5000 farmers in simple record keeping and management of resources.

“The Committee feels there is need for monetary and fiscal authorities to work together in a collaborative manner to achieve the objective of improving local production of specific agricultural products like rice, tomatoes, beans, fish, sugar, among others,” he said.

Emefiele said the yearly retreat affords the bankers the opportunity to review performance for outgoing year, set agenda for the incoming year and share ideas with stakeholders and experts in targeted sectors.

“’Creating an enabling environment for SMEs’ growth’ as our theme for the 2015 retreat was aimed at raising support for government’s efforts in diversifying the economy in the face of the sharp drop in oil prices.

“SMEs are globally recognised as the catalyst for growth and development, even in developed economies, it has shielded them from the global crisis that remains unabating.

“There is also need to improve the level of infrastructure in various sectors- build more FADAMA road, provide more access to power, build more silos to preserve agricultural products right at the farm,” he said.

Continuing, Emefiele added: “We have a lot of work to do, not just as individual companies, but as group in the banking industry, to support the efforts of the government. To grow SMEs, increase the number of employment in the country, ensure that the youthful population are enabled to be young entrepreneurs that can provide jobs for others.

“The committee saw the need for a shift as SMEs are more of endangered sector, but BVN will assist in creating a pool of SME loans in the country. There is need to take the identified SMEs through capacity building and skills like record keeping and management.

“Power, transport and other infrastructure needs are strong enablers of growth in the economy. Banks will give all their support in financing these growth requirements.”

http://www.ngrguardiannews.com/2015/12/banking-sector-plans-fresh-n300b-agriculture-financing-for-2016/ lalasticlala, dominique

Last Days Jokers...







Una neva start. =N=300B is just about $1B naao. 9ja pocket dis chicken change first make una go ask una mates how much dem dey spend on and earn from agriculture.

Ok

Nice one. If it will see the light of the day.

See how they are busy talking about billions as if its peanut

The loan will end up in the hands of politicians to finance 2019 election and bubu ain't gonna say shit about it.
Ridiculous interest rate of 29% I guess?
My brothers and sisters, if you are thinking Nigeria and all her agencies has got plans for career oriented individual, then u are a joke.

Use the moni to build power plant or refinery.

Nigeria is a country where thieves like saraki, dino, tinubu, obasanjo, gbenga Daniel etal are celebrated.

Are we asking for too much?
Power and Road then leave us to our faith.

If just a state governor can build a refinery, just imagine how the economy of that state will skyrocket. But no! Ts a long term project and they need to steal instant moni.

Right step in the right direction.

#mysignature#mybusiness#

djWALE:
See how they are busy talking about billions as if its peanut

Some people ate that Billions like Peanuts. If that money is used wisely, then agriculture is the way to go since this Oyel no dey stable

Everybody should plant something on every vacant land , before you know it , even banks would be filled with money

Hope and opportunities

Very good development

[size=18pt]N 300 billion = USD 1 Billion



Nigeria = SMALL COUNTRY[/size]



[size=18pt]JOKER BANKS. JOKER PUBLIC. KEEP DECEIVING YOURSELF. THIS 300 BILLION is PEANUTS TO REVIVE AGRUCULTURE IN NIGERIA.[/size]

SmooshCHN:
Some people ate that Billions like Peanuts. If that money is used wisely, then agriculture is the way to go since this Oyel no dey stable

I thought bubu said he wld diversify the economy...bt wat are we seeing now....hez jux jetting around the world

How will the fund be disburse? I'm interested in that

lt ends there!

Only those with High connection can get access to such fund ..

Our Nigeria Our Future


SESAME SEED @ #150,000 per tone

Right move at the right time if well planned and executed: over-reliance on oil sector at the negligence of other sectors is one of big mistakes made by past administrations.

It is now the time for diversification: Nigeria shall be great again.

djWALE:

I thought bubu said he wld diversify the economy...bt wat are we seeing now....hez jux jetting around the world

Yhu don 4get say na jonah bugdet we still dey run on.

Sijo01:
Nice one. If it will see the light of the day.

It won't. 'This is a struggle to keep my job move. Babu like agric because of the north'- Emeifele's voice

APC promise loading finally.......?



[img]http://i.onthe.io/vllkytaHR0cDovL2Nkbi0wMS5uYWlqLmNvbS9vL3dObkJ2Mmc1cFl6QjJkblFua0UycVZJTy5qcGc=.prx.r800x600.3eeade4c.jpg[/img]

Ephemmm:
Right move at the right time if well planned and executed: over-reliance on oil sector at the negligence of other sectors is one of big mistakes made by past administrations.

It is now the time for diversification: Nigeria shall be great again.

Where have you been these past five years



www.nairaland.com/attachments/2085409_hh_jpeg07b0e6e05a4624e7545331a83b844508

lomprico:
Good! I hope d loan extends to the farmers in ebonyi. I saw their "rice hill" sometime last month n was astonished!

Note. The tiny dots at d top are people.


www.nairaland.com/attachments/3074084_img20150709wa000_jpeg7cbcb35c5f93b890a7ce92b4c0df8a1c

...CBN should be proactive in awareness creation on the modalities for accessing this funds and enforce DMB'S to carry out the disbursement appropriately!

Ok

I hope this is not a plan to siphon the already battered economy. We are still suffering for the money mismanaged under the guise of security.
Anyway, I have more doubt than belief.

anonimi:



Where have you been these past five years



www.nairaland.com/attachments/2085409_hh_jpeg07b0e6e05a4624e7545331a83b844508

That rice hill can generate electricity, make plywood and furniture!

ThankGod say i dey study agric course naa. ThankGod say i dey study agric course naa.

Great vision like this needs some Good people to drive them.