Farmers laud CBN’s credit policy, call for effective implementation, monitoring

Farmers across the country have applauded the nine per cent interest rate credit policy of the Central Bank of Nigeria (CBN) to the agriculture sector, saying it will help boost production if adequately implemented.

Some of them who spoke with newsmen in Abuja on Sunday, called on the CBN to also ensure prompt monitoring of the Commercial Banks to guarantee effective implementation.

Under the new policy, agricultural, manufacturing and the sectors considered as growth and employment stimulating, can now borrow long term as much as N10 billion at consolidated nine per cent interest rate.

The new credit policy, called Guidelines for Accessing Real Sector Support Facility (RSSF) through Cash Reserve Ratio (CRR) and Corporate Bonds, was released by the CBN in August 23.