CATFISH: NIGERIA’S CENTRAL BANK AGREE ON N300BILLION FOR 2016 AGRICULTURE LENDING

It is no longer a news that fish farming is becoming a gold mine every entrepreneur or anyone willing to take advantage of the agricultural revolution in Nigeria really need to look into. Fish production for instant made the list of the products the Monetary and fiscal authority are working together in a collaborative manner to improve on with a strong believe that it can lead to a reduction in the demand for foreign exchange. This I believe is a good news for intending farmers and entrepreneurs.

In an article posted by The Africa Food Project recently which reads: Emefiele said: “Banks have set a target to boost
agriculture lending to both small and
commercial to about N300 billion in 2016.” He noted that the bankers generally agreed on the need to increase lending to the agricultural sector but the committee feels there is the
need to de-risk the agricultural value chain. Monetary and fiscal authority must work together in a collaborative manner to improve the local production of specific agricultural product like rice, tomatoes, fish,wheat and
sugar which can lead to a reduction in the demand for foreign exchange.

He emphasized the need to improve
infrastructure in various sectors and
particularly urged government to build more Fadama road, more sailors and warehouses to receive final produce so that they do not get destroyed in the farms. Governor Emefiele
said: “We seized the opportunity to exchange ideas with the ministers about their agenda and what they planned to do and how they expect the banking industry to support their effort.

“All in an attempt to ensure that the banking industry is seen to be contributing to grow the economy in line with government objective to diversify the economy away from oil.” The
retreat identified that SMEs play import role in the economy and explored how to improve support to the agriculture value chain and what
can be done to develop large scale commercial agriculture in the country.

The committee also felt that there is the need for a paradigm shift in the feeling that SME are endangered species to lend money. They agreed on the need to take SME through capacity building on important areas like book keeping to make them bank-able and boost lending to the sector. The seasons Identified power and transportation as strong enables in the environment. Previous outcome retreat has help to increase lending to the manufacturing sector, facilitating finance to the power and the Aviation sector and incentivize lending to the agricultural sector from 1percent in 2010/2011 to 4 percent in 2014.

He advised corporate organisations in Nigeria to emulate Fidelity bank in making their promos transparent.

Source: africafoodproject.org

Posted by: catfishplus.wordpress.com

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