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.