CBN approves N2 billion loan for poultry syndicate


The Central Bank of Nigeria, CBN, says it has approved N2 billion as agriculture loan to poultry syndicate in Shonga Farms Holdings Ltd, Kwara.

The company is owned by the state government and private investors.

The CBN Governor, Godwin Emefiele, made this known while fielding questions from journalists in Shonga, Edu Local Government Area of the Kwara State on Friday.

Mr. Emefiele, who was in Shonga on an inspection of the farm, said the facility was to support the investor’s expansion plans.

The CBN governor expressed satisfaction with what he witnessed on the farm, saying that the loan would be provided at a low interest rate of 9 per cent

He described his visit as an eye opener, noting that that there were several opportunities to tap from Shonga Farms and the poultry value chain, to improve the country’s economy.

The CBN governor commended the state government for its initiative and called on other states of the federation to emulate the state’s commercial agriculture model as a way of diversifying the economy.

He said Shonga Farms was a practical example of how governments could collaborate with the private sector to deliver real dividends of democracy, such as jobs and agro-allied prosperity to the people.

Also speaking, the Senate President Bukola Saraki commended the Governor, Abdulfatah Ahmed, for sustaining the vision of Shonga Farms and improving on it.

He also commended the CBN Governor for accepting to visit the farm and for approving the loan.

Mr. Saraki said the visit was to identify challenges confronting the farmers as well as new opportunities available for investment at the farm.

The Senate President pledged that the National Assembly would support agriculture businesses in the country through the appropriate laws and effective oversight function of the relevant agencies.

Mr. Ahmed, in his remark, thanked CBN Governor and Senate President for the visit and his support for the development of agriculture in the state.

He said the state government had established an Off-Taker Demand Driven Scheme, based on the lessons learnt from the Shonga Model.

Mr. Ahmed said the effort was as a means of empowering farmers, creating jobs and establishing the state as an agriculture hub in the country.