Agriculture Economy Export Farming Government Nigeria

Nigerian Central Bank to support farmers with US$1.1B loan

Nigeria’s central bank said it will support farmers with a NGN 432B (US$1.1B) loan in the 2020 wet planting season to boost food production in the West African nation.

The Abuja-based central bank will support more than one million farmers to cultivate over a million hectares of farmland, it said on its Twitter account.

Also read: Agriculture: The peanut you think you know

Nigeria is encouraging investment in agriculture to help diversify the economy away from oil, which accounts for more than 90% of export revenues. The central bank targets increasing output of major food and cash crops including cotton, rice, tomato, cassava, cocoa and maize.

Source: Bloomberg

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