By Bolu Ajijo, Akure
Ondo State Governor, Arakunrin Oluwarotimi Akeredolu has commended the Central Bank of Nigeria CBN for approving N200bn facility to farmers of five major cash crops at a single digit interest rate..
The cash crops are Cocoa, Cashew, Oil Palm, Sheabutter and Seasame Seeds.
This was one of the outcomes of the Bankers Committee meeting of the Apex Bank last week.
According to the Commissioner for Agriculture Otunba Adegboyega Adefarati who spoke to the Press on behalf of Governor, the development, is one singular opportunity cash crops farmers in the state have been yearning for ages to take their trade to the world stage.
Adefarati who appreciated God for making this possible during tenure of this people oriented Government recounted efforts put in place by Governor Akeredolu who took the battles to the highest level, the National Economic Council.
READ ALSO: FG Introduces New Variety Of Potatoes To Ondo Farmers
According to him, the contention of Ondo state, a leading producers of Cocoa and major producers of oil palm in the country is to convinced the CBN to advance the facility to Cocoa and oil palm sector as it did to Rice farmers and it blossomed.
Adefarati was of the view that with a single digit interest rate facility, Cocoa Oil palm and Cashew farmers in the state will be able to get the necessary inputs to up their games and improve their production
While commending the National Economic Council which Governor Akeredolu took the campaign to and the Bankers’ Committee for approving the facility for cash crop farmers Otunba Adefarati enjoined Cocoa, oil palm and Cashew farmers to take advantage of this long awaited opportunity by approaching their banks to access the much needed loan
He also called on the Federal Government to set up a Presidential Committee on Cocoa Production like it did for some other sectors in order to ensure the Cocoa Rebirth Revolution.
According to Ondo state Commissioner for Agriculture this is the surest way to maximise the country comparative advantages in Cocoa production.
One of the high points of this development is that the facility is also extended to companies processing any of these cash crops at a single digit interest rate for up to ten years tenor.
The whole essence of this facility apart from reducing poverty amongst the farmers is to also improve their capacity to produce and to export.
Study @ Achievers University
