The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said the Central Bank of Nigeria (CBN) had agreed to five per cent interest on lending rate to farmers in the country.
Ogbeh made this known on Tuesday, while delivering a keynote address at the opening of a two-day national workshop on a “New Agricultural Policy for Nigeria.’’
The workshop was organised by the National Agricultural Foundation of Nigeria (NAFN) in collaboration with the ministry and All Farmers Association of Nigeria (AFAN).
According to the minister, the agreement followed discussions with key officials of the apex bank on Tuesday morning.
The minister said that agriculture and solid minerals remain the alternatives sectors to which the country could diversify now to survive current economic situation.
He said: “The challenge before us is how to make this happen. The time for lamentation is over. The time for action is here.’’
Ogbeh said unless this was done, the problem of youth unemployment and youth restiveness would continue to plague the country.
“We have 100 million young people in the country who are below the age of 50 years and if we do not give them job, they are likely to take care of us in a very rough manner,’’ he said.
Ogbeh said outbreak of bird flu and pastoralists/farmers clashes remained challenges to the sector, adding that in the last two months, the flu had killed between five and six million birds.
He, however, disclosed that a vaccine had been found for the virus.
