Banking sector plans fresh N300b agriculture financing for 2016

Godwin Emefiele CBN Governor

A new window of opportunities may have been opened up in the nation agriculture sector, with a pledge of N300 billion fresh financing of the economic segment and its value chains in 2016 by the Bankers Committee.

Besides, the earlier plans by the Central Bank of Nigeria (CBN) to create about one million jobs through small businesses development and support by lending at “ridiculously” lower interest rate to graduates got the nod of the committee.

The CBN Governor and Chairman of the Bankers Committee, Godwin Emefiele, said 2016 would see the financial industry raise support for Small and Medium Enterprises (SMEs) and increase further its contributions in the development of the nation agriculture sector to reduce importation and foreign exchange spending on food products.

The new N300 billion initiative would be a combination of CBN intervention and banks liquidity, which was recently boosted with the reduction in Cash Reserve Requirements from 25 per cent to 20 per cent.

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