Edo Govt and CBN Invest in Agric Credit

The Governor of Edo State, Mr. Godwin Obaseki has inaugurated a nine-man committee to oversee the N500 million Commercial Agricultural Credit Scheme (CACS) initiated in alliance with the Central Bank of Nigeria (CBN) to de-risk investments in agriculture in the state.

The inaugurated committee will be headed by the Special Adviser to the Governor on Agriculture, Prince Joe Okojie, at the Government House, in Benin City, the Edo State capital. Members selection was based  their accomplishments and expertise. The programme was organised in collaboration with the Central Bank of Nigeria target at providing agricultural credit in Edo State and creating support for other agricultural projects.

He said that the idea will stimulate agricultural production and support large scale commercial agriculture in the state. The Governor stressed that time, experience and technology are imperative in agriculture,  that’s services of consultants and experts will be needed to guide the committee.

Governor Obaseki said the committee members would serve as monitoring team and manage funds from the CBN to guarantee its judicious use by farmers across the three senatorial districts in the state.

He stressed that government was not interested in agribusiness to start farms, but only interested in de-risking the process and creating an environment for entrepreneurs to emerge and thrive.

He said that over N500 million is available from expected funds and the committee’s terms of reference include: to oversee and ensure equitable distribution of fund; promote an efficient and inclusive participation of key stakeholders; ensure proper monitoring and evaluation, guarantee integrity of each access to information; ensure fund usage by beneficiaries are in line with the terms of the scheme; monitor the impact and constantly look for ways to improve the probability of reaching the expected result of the scheme.

In his vote of thanks, Chairman of the committee, Prince Joe Okojie, pledged to deliver on the terms of reference and promised to be fair and objective in the management of the credit facility.

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