Increase Lending to Farmers – Buhari Urge Banks

Nigeria’s President Muhammadu Buhari urged banks to help boost the diversification effort of the Federal Government by increasing its lending to the agricultural sector.

He said this on Monday in Abuja at a gathering of the advisory National Economic Council (NEC) attended by Nigeria’s 36 states governors, the budget and central bank governor. Part of his drive is to encourage diversification away from oil production in Africa’s largest economy.

Buhari also vowed to enhance energy provision in a country long blighted by power shortages.

Nigeria, Africa’s top oil producer, has been hit hard by a fall in crude prices that has cut vital oil revenues – which account for 70 percent of national income – causing the economy to grow by just 2.8 percent in 2015, its slowest pace in decades.

According to Buhari,”Our real wealth is in farming, livestock, hatcheries, fishery, horticulture and forestry,” Buhari told a gathering of the advisory National Economic Council (NEC) attended by Nigeria’s 36 state governors, the budget minister and central bank governor.

“Banks should be leaned upon to substantially increase their lending to the agricultural sector. The Central Bank of Nigeria (CBN) should bear part of the risk of such loans as a matter of national policy,” he said.