4,000 farmers in Edo to benefit from CBN loan

No fewer than 4,000 farmers have been selected to benefit from the Central Bank of Nigeria (CBN) agricultural loan in Edo State.

The National Secretary of Federated Fadama,Henry Ebole, disclosed this  on Sunday in Benin City.

He noted that the CBN initiative was part of the Federal Government’s effort to increase food production and guarantee food security in the country.

He said that the loan would be disbursed to the benefitting farmers through the Sterling Bank Plc.

He said: “This agricultural loan from the CBN will be disbursed to farmers who are members of registered cooperative societies.

“Right now, we do not know how much each farmer will get.

“It is the bank that will determine the amount to be given to each farmer.”

According to News Agency of Nigeria, Ebole, the distribution of the loan will be coordinated by Federated Fadama.

Ebole said the loan would attract nine per cent interest, while the repayment period would be 12 months.