ONDO State has lauded the Central Bank of Nigeria (CBN):

for approving N200 billion facility to farmers of five major cash crops at a single digit interest rate.
The cash crops are cocoa, cashew, oil palm, shea butter and sesame seeds.

The decision to support the farmers was arrived at the bankers’ committee meeting of the apex bank.

Commissioner for Agriculture Otunba Adegboyega Adefarati said the development is one singular opportunity Ondo State’s cash crops farmers have been yearning for ages to take their trade to the world stage.

Adefarati, who praised God for making this possible during the present administration, noted the efforts put in place by Akeredolu, who took the battles to the highest level of the National Economic Council (NEC).

According to him, the contention of Ondo State, a leading producer of cocoa and major producers of oil palm, is to convince the CBN to advance the facility to cocoa and oil palm sector as it did to rice farmers.

Adefarati was of the view that with a single digit interest rate facility, cocoa, oil palm and cashew farmers would be able to get the necessary inputs to improve their production.

Hailing the NEC, which Akeredolu took the campaign to and the Bankers’ Committee for approving the facility for cash crop farmers,

Adefarati enjoined cocoa, oil palm and cashew farmers to take advantage of the opportunity by approaching their banks to access the much-needed loan.

He called on the Federal Government to set up a Presidential Committee on Cocoa Production like it did for some other sectors to ensure the Cocoa Rebirth Revolution, saying this is the surest way to maximise the country comparative advantages in cocoa production

Source :https://thenationonlineng.net/ondo-hails-cbn-over-n200b-facility-to-farmers/

Very laudable if the loan is not hijack by civil servants who are not farmers.

Because I heard Local govt workers hijacked loan meant for farmers in one state. Virtually all are now driving good cars.

No it cannot possible