Nigerian farmers to receive US$91.6mn agricultural loan

Farmers in Nigeria will be issued with a share of a US$91.6mn agricultural loan by the the Bank of Agriculture (BoA)

Nigerian farmers are set to receive a share of a US$91.6mn agricultural loan. (Image source: IITA Image Library)

Nigeria vice-president Sambo said that the Nigerian government has approved a total of 91.6mn to be distributed to farmers in the country for the 2013 farming season.

The National Council on Privatisation (NCP) had received approval by President Goodluck Jonathan to privatise the BoA, as this would provide cheaper funds for agriculture and ensure other shareholders could also invest in the sector.

At the 19th Nigerian Economic Summit “Growing Agriculture as Business to Diversify Nigeria's Economy”, Namadi said the government wanted to make the agricultural sector more attractive to investors.

Sambo said that the minister for the economy and minister of finance Dr Ngozi Okonjo-Iweala aims to work with the Nigeria Development Bank to provide access to long-term funding for infrastructure development at low interest rates in the country.

"As we grow agriculture, non-farm income and employment opportunities will develop, through multiplier effects in the local economy," Sambo said.