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Addressing unemployment: CBN injects N400bn into agricultural SMEs

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Addressing unemployment: CBN injects N400bn into agricultural SMEs

In a bold move to address youth unemployment, the Central Bank of Nigeria has set aside N400 billion to boost graduate participation in small scale agriculture.

Deputy Governor of CBN in charge of Financial Systems Stability, Okwu Joseph Nnanna made the disclosure at the weekend as he enjoined young graduates and National Youth Service Corps (NYSC) members to access the facility and halt current cycle of endless search for jobs.

Nnanna represented the CBN Governor, Godwin Emefiele at Saturday’s Tee-off ceremony of the 9th edition of the CBN Governor’s golf.

He said that the only collateral for accessing the loan is certificate of prospective applicants, adding that small scale farmers can borrow as much as N150,000-N250,000

”Fish farm, poultry, cassava and maize cultivation, we sponsor farmers on them. We really want to see young men who are roaming the street come into agriculture because it is more productive and is better than buying and selling. In fact, we are talking to NYSC and the program is ongoing,” he said.

Potential borrowers he explained should contact their banks and enquire about the Central Bank Royal Sector Facility. According to him “You go to your bank and ask them about Central Bank Royal Sector Facility, and they will give it to you”.

Stressing need for Nigerians to return to agriculture, Nnanna observed that oil price is currently at an all time low selling at $35 per. He added that the situation present opportunity for Nigeria to become great again in groundnuts, cocoa, cotton cultivation and palm oil production.

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