Farmers in Ondo State will soon benefit from the Central Bank of Nigeria (CBN)’s N200 billion loan facility approved for them at a single digit, for improved production of five major crops.

The cash crops are cocoa, cashew, oil palm, shea butter and sesame seeds.

The approval was one of the major discussions of the Bankers’ Committee meeting last week.

According to the Ondo State Commissioner for Agriculture, Otunba Adegboyega Adefarati, who addressed journalists yesterday on behalf of the State Governor, Rotimi Akeredolu, the development was an opportunity cash crops farmers in the state had been yearning for to take their trade to the world stage.

Adefarati recounted efforts put in place by the state governor, whom he said took the matter to the highest level, especially the National Economic Council (NEC). He said the resolved of Ondo State, a leading producer of cocoa and oil palm in the country, was to convince the CBN to advance the facility to the cocoa and oil palm sub-sectors as it did to rice farmers, which blossomed.

Adefarati was of the view that with a single digit interest rate facility, cocoa, oil palm and cashew farmers in the state would be able to take the industry to a new height.

Commending the National Economic Council and the Bankers’ Committee for approving the facility for the farmers, the Commissioner enjoined cocoa, oil palm and cashew farmers to take advantage of the long-awaited opportunity by approaching their banks to access the loan.

He also called on the Federal Government to set up a Presidential Committee on cocoa production, like it did for some sectors in the past, to ensure what he called a cocoa rebirth revolution.

He argued that the move would be the surest way to maximize the country’s comparative advantage in cocoa production.

A high point of the facility, Adefarati pointed out, was its extension to companies processing any of the cash crops at a single digit interest rate for up to 10 years.

“The whole essence of this facility is to reduce poverty,” he said.