The Central Bank of Nigeria (CBN) and the Bankers Committee, an umbrella body of commercial banks in the country, yesterday said they have set aside N200 billion facility to support and standardise agricultural produce exportation.
Mr. Kennedy Uzoka, Managing Director, United Bank for Africa (UBA), said since the Bakers’ Committee retreat in December, the committee has been looking for way of assisting Nigerian farmers in the area of exporting their farm produce.
The products that will be targeted according to the committee, includes, Oil Palm, Cocoa, Cashew Nuts, Sesame seeds and Shea Butter. The committee expects the exports of these products which is in abundant across the country to boost our foreign exchange earnings.
The banks said at the end of the meeting in Lagos that they have come up with an immediate, medium and long term plans to address the issues. The facility, according to the banks, will be in a single digit with ten year period. Read more