PRESIDENT OF NIGERIA ORDERS CBN TO PUT FIFTY BILLION NAIRA ASIDE FOR AGRIC MECHANISATION FUND FOR FARMERS IN NIGERIA  

President Goodluck Jonathan has directed the Central Bank of Nigeria (CBN) to set aside N50 billion as agricultural mechanisation intervention fund for farmers in the country.

 

The president gave the directive on Tuesday in Abuja while inaugurating a 100,000 metric tons silo as well as an agricultural equipment hiring enterprise.

Jonathan, who was represented by Vice-President Namadi Sambo stated that expanding the country’s food storage capacity was necessary to reduce post-harvest losses.

He also said that agricultural mecahnisation would ensure commercial production of agric produce in the country. www.thisdaylive.com

“As part of our efforts to replace the hoes and cutlasses with modern agricultural equipment, I direct the Central Bank of Nigeria to set aside N50 billion mechanisation intervention fund. “This support fund will allow and speed up the full establishment of 1200 private sector driven agricultural equipment hiring enterprises across all states of the federation,” he said.

He said the silos, which has a capacity of 100,000 metric tons is one of the several others that had been completed across the country.

According to him, the network of silos across the country will help provide stock for food and will also be leased to the private sector to use to store grains and support agriculture commodity exchange for Nigeria.”

He explained that the Agricultural Transformation Agenda would support food production and in turn make Nigeria a player in global food and agricultural market.

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