FG urges commercial banks to reduce lending rates to farmers

Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has appealed to commercial banks to reduce their lending rates to farmers to spur the development of agriculture in Nigeria.

The minister made the appeal on Tuesday in Abuja at a three-day conference on: “Feed the Future Nigeria Agricultural Policy Project’’ organised by International Food Policy Research Institute (IFPRI), Abuja.

Ogbeh says the high interest rate being charged by commercial banks on loans to farmers is inimical to the growth and development of agriculture.

The minister pointed out that the government was committed to encourage youths’ participation in agriculture.