By Ike Uchechukwu, Calabar

The Central Bank of Nigeria CBN through its Agricultural Credit Guarantee Scheme Fund, ACGSF, has awarded the three best farmers who borrowed under the scheme and kept good records while repaying their agricultural loans as and when due.

The award according to the Apex bank’s representatives was to encourage other famers in the agro-business who may have obtained loan to work towards quick repayment while adopting best agronomic practices to get high yields.

The CBN gave cash reward and certificates to three farmers for their speedy repayment of loan which they obtained under the bank’s Agricultural Credit Guarantee Scheme Fund ACGSF) to finance their Agro-businesses.

In his address, the Chairman ACGSF Board, Mr. Stephen Okon lauded the awardees for living up to expectation urged the them not to relent in the agro-businesses adding that the world had moved pass when farming belonged or was seen to be owned only be old people.

Okon stated since the re-constitution of the Board in 2018, it held several meetings where decisions were reached which impacted the scheme immensely.

The Branch Controller, CBN Calabar, Mrs Glory Iniuanam who spoke on the sidelines of the event stated that the awardees were being encouraged to take the loan and payback in due time adding that anyone who was sincere cam break even by the platform provided by the scheme.

“CBN and the Federal Government are the initiators of this scheme and it is being supported by the bankers’ committee.

“We guarantee the loan in the case of any default, we payback 75 per cent, so it is a guaranteed scheme, when you take a loan , utilize it effectively and repay as and when due and you will be rewarded with 50 percent rebate , that’s huge.

“I want to encourage farmers and business owners to take the loan and also ensure they utilize it and pay back

“You can make a whole lot of profit from the scheme if you are sincere ,just give it a trial you might be shocked it might be be your way out of poverty as the scheme has done for many Nigerians.

“So, i want to encourage farmers to take advantage of the opportunity agric loan presents and fund their agro-businesses as long as they are able repay of the loan,” she said .

Also, the best farmer under the 2021 scheme, Mrs. Henrietta Godfrey took an 800,000 naira loan in 2021 which she put into poultry business .

She told Vanguard that she learnt poultry farming under N-power in 2016 and decided to put it into full practice which she has grown over the years now

According to her, she made about 7 million naira in 2021 from the loan she added to her business, while retaining 3.5 million naira as net profit after repaying the loan before the due date.

Other winners who also got awarded were, Mr. Kufre Augustine, first runner up who took a loan of 600, 000 naira and turned his agro-business into a 5 million naira venture while going home with a whooping 2.5 million naira profit after his loan was fully repaid while second runner up, Mrs Glory Ekong who took a loan of 200,000 naira made 900,000 naira within 6 months after repaying her loan.


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