The Central Bank of Nigeria (CBN) says it has set aside about N432 billion to fund the value chains of nine commodities in the 2020 wet season.
says it has set aside about N432 billion to fund the value chains of nine commodities in the 2020 wet season.
The National Bureau of Statistic said on Wednesday the latest rise in the consumer price index, which captures the inflation trend in the country, from 12.36 per cent in April to 12.40 per cent in May, was aided by the spike of food inflation during the month. But, the CBN said it will soon come up with a framework for the integration of non-interest window in all its intervention programmes, particularly the ABP and the Targeted Credit Facility to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.
Mr Yusuf said the focus on the 2020 wet season was to ensure the provision of improved seeds that would incentivise the farmers to return to their farms. He said the proposed funding for the nine commodities was a significant move by the CBN, considering the successes recorded in the 2019 season that contributed to shielding Nigeria from any food shortage, particularly rice.
Mr Okorafor said the CBN was committed to aggressively fund its agricultural programmes, particularly in the 2020 agricultural wet season, to ensure the farmers go to work immediately on the cultivation of the identified commodities.
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