The Central Bank of Nigeria has earmarked N423 billion naira as support fund for over 1.1 million farmers in the forthcoming planting season.
The apex bank said the benefiaries will be cultivating over one million hectares of farmland that will produce a collective output of 8.3 million metric tons.
In a post on its social media handle, CBN said that the loan is targeted at the production of selected crops value chain of mine commodities in the bid to prevent the country from falling into recession.
“CBN committed to aggressively fund its agricultural programmes and spur farmers along select crop value chains to prevent the country from sliding into a recession.
“Over 1.1 million farmers, cultivating over one million hectares of farmland, are expected to benefit from the loans that will help to produce a collective output of 8.3 million metric tons,” the bank said.