BoA to Attract N1trn Credit for Farmers in 2017- Lokpobiri

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(Last Updated On: 2016-11-21)

The Federal Government has that the planned recapitalization the Bank of Agriculture, (BoA) is to attract N1 trillion credit to the bank by 2017.

The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri stated this at the Farmers’ Field Day organised by Dizengoff Nigeria Limited in collaboration with Phinada Integrated Farms in Abuja.

According to him, the federal Government through the Central Bank of Nigeria, (CBN) plan to recapitalize the bank with about N750 Billion.

He said BoA as an institution itself and it is believed that the bank is going to attract hundreds of billions of naira saying that, “And we are thinking that before the end of next year, we should be able to attract at least N1 Trillion available credit to be lent to anybody who wants to do farming business.”

Lokpobiri said: “Right now, the Federal Government is subsidising farmers, but the subsidy is not what the farmers want. We have seen this under the Anchor Borrowers Scheme of the CBN in Kebbi. In that scheme, there was no subsidy. What the CBN, through the BoA, did was to give each farmer between N110,000 and N130,000 to cultivate one hectare of rice farm, and some of them got 10 tonnes per hectare. And if rice per tonne is between N60,000 and N80,000, then whoever adequately cultivates two hectares is already a millionaire.”

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