The Central Bank of Nigeria (CBN) recently introduced single-digit interest rate loans to investors in the agriculture and manufacturing sectors of the economy to consolidate and sustain economic recovery.
The benefits of the affordable, long-term bank credit to sectors is to create employment and stimulating sustainable growth. Improving productivity in domestic supply, such as rice, fish, wheat and sugar and conservation of foreign exchange.
The apex bank has systematically followed developmental objectives, driving growth in critical sectors of the economy and incentify banks to direct affordable, long-term bank credit to the manufacturing, agriculture.
Stakeholders have applauded the nine per cent interest rate credit policy but called for prompt monitoring of the Commercial Banks to guarantee effective implementation.
Beneficiaries expressed optimism that the policy would help improve production of other agriculture commodities in the sector and capable of increasing rice production from between two million and 3.5 million tonnes to nine million tonnes annually, likewise in other agricultural crops.