The Central Bank of Nigeria (CBN) has revealed plans to increase financing initiatives in the sectors through partnerships with appropriate stakeholders to further empower entrepreneurs at the bottom of the pyramid as well as increase banks’ focus on agriculture.
As a result, the CBN said it was planning to increase agricultural financing to 7% by 2018. The CBN Governor, Mr. Lamido Sanusi, said the move would allow farmers to gain access to credit, fertilisers and also drive the agricultural sector of the economy.
Mr. Lamido Sanusi noted that CBN increased it’s lending to agriculture from 0 - 4% in two years in order to improve the sector. This, he said, helped to improve the sector’s revenue to about N500bn annually, thereby diversifying the revenue base for the country.
Sanusi also harped on the importance of getting women fully involved in the development process in the country and said women contribute a large quota to the nation’s quest for development.
He added that he wants a bank to come up with a programme targeted at women and they are currently working with state governments to ensure lending to the agricultural sector; 60% of the loans will go to women in the rural areas.