Business
Bankers C’ttee Unveils N200bn Fund for 5 Cash Crops
The Bankers Committee has announced a N200 billion credit facility to boost production and export of five cash crops: cocoa, oil palm, shea butter, sesame seed and cashew.
The Committee also said it would soon announce a credit facility to support the creative industry with the aim of creating 300,000 jobs in the industry.
Managing Director/Chief Executive, UBA Plc, Mr. Kennedy Uzoka and Managing Director/Chief Executive, GTBank Plc, Mr. Segun Agbaje, disclosed this in Lagos while speaking at a press conference after the meeting.
The press conference was also addressed by the Managing Director/Chief Executive, Access Bank Plc, Mr. Herbert Wigwe, Managing Director/Chief Executive, Ecobank Nigeria, Mr. Patrick Akinwuntan, Director, Banking Supervision Department, Central Bank of Nigeria (CBN), Mr. Ahmed Abdullahi and Director, Corporate Communications, CBN, Mr. Isaac Okoroafor.
Speaking, Abdullahi said the Committee noted the stability in the economy, especially improved foreign investors confidence in the nation’s economy which reflected in the $6 billion foreign portfolio investment inflow in the first quarter through the Investors and Exporters (I&E) window and decided to focus on initiatives that will consolidate the pro-growth stance of the CBN, via the recent reduction the Monetary Policy Rate (MPR) to 13.5 percent from 14 percent.
Kennedy Uzoka of UBA said that this led to the decision to set up the fund to boost production and export of cash crops.
He said the N200 billion will be extended as loans to companies producing any of the five cash crops, at single digit interest rate for up to ten years tenor.
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