Nigeria: CBN's N50 Billion Agricultural Fund

Nigeria has taken another giant step in her drive to become self sufficient in food production with the recent directive by President Goodluck Jonathan to the Central Bank of Nigeria (CBN) to set aside N50bn for mechanisation intervention support. The exercise is to assist in the establishment of 1,200 private sector-driven Agricultural Equipment Hiring Enterprises. This indeed is a welcome development as no meaningful farming could be done without mechanisation support.

For too long Nigeria has depended on subsistence farming with the resultant severe drop in food production as farmers are no longer able to cope with feeding the teeming masses of people dwelling in urban communities. With the new development in the agricultural sector we look forward to seeing greater activities on the farms and a more vibrant farming equipment-leasing environment. This will surely help to drive the economy and lift it from the present dismal and dampening position.

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