By Demola Akinyemi

Ilorin—Governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, has enjoined stakeholders in the nation’s economy to partner with Federal Government and  bail out Nigeria from poverty by giving due attention to agricultural sector. Mallam Sanusi, who lamented the state of poverty in the country noted that the growth of the agricultural sector of the economy was imperative because it is the easiest way to address and combat poverty in the country.

He said: “Nigeria’s eco-nomy has been growing by 7% and agricultural sector constitutes 42% of our GDP. If we increase agricultural growth by 20%, it means we would have more people engaged in employment and rapid growth of the GDP.”

The CBN Governor made the remark during the flag-off of the N1 billion Commercial Agricultural Credit Scheme at the Government House, Ilorin.

Earlier, Governor Bukola Saraki of Kwara State at the occasion, declared that the essence of the scheme is to provide credit at affordable rate to galvanise increase in food production for the state and the country at large.

He also appealed to all the beneficiaries of the credit scheme to ensure that the loans are paid back promptly as it is not political money but that of the bank.

Union Bank of Nigeria’s Zonal Manager for Ilorin zone appealed for prompt payment back to the bank for it to perform, stressing that the bank has been able to disburse N80 million out of N188 million earmarked for teachers in the state as agricultural loans.

Kwara State Commissioner for Agriculture and Natural Resources, Prof. Mohammed Gana Yisa traced the evolution of the credit scheme to the efforts of Governor Saraki’s call on the Federal authorities to provide financial succour for farmers.

This, according to him, led to the approval of N200 billion Commercial Agriculture Credit Scheme out of which N1 billion has been allocated to Kwara State to be disbursed through Union Bank Plc at a negotiated 6.5% interest rate as against the 9% interest rate prescribed by the CBN.

The Commissioner hinted further that over 3,654 applications were received and the total amount applied for is N8, 216,651,518.00. He added that after considering only registered farmers, applicants were reduced to 1,399; applications related to livestock production, aquacultures, food processing, storage and farm input supplies.

He posited that the likely advantage of the scheme is that it will enhance food security in the state by increasing food supply.