Nigeria: CBN to Increase Agric Loans By 6%

The Central Bank of Nigeria (CBN) said it will increase banking sector credit to the agriculture sector to 10 per cent from the current four per cent, indicating a six per cent increase. CBN Governor Godwin Emefiele made the disclosure at the Bankers Committee summit in Lagos.

Emefiele said 2021 will "be a year of massive global recovery and Nigeria must not be left out" adding that the banking sector must be part of the recovery process.

He said: "The banking industry must be there either by moral suasion or by force we have to participate in this journey."

The country exited recession in the 4th quarter GDP result released last week on the back of performance in the Agric sector.

"Over the next three years, we will continue to encourage the banking sector to increase its loans to the agriculture sector from four per cent to 10 per cent by 2024.

"We intend to aggressively implement our N500 billion facility aimed at supporting the growth of our non-oil exports, which will help to improve non-oil export earnings.

"Exporters will be further encouraged to repatriate their export proceeds as stipulated under our extant laws. The CBN will continue to ensure that exporters have unfettered access to their export proceeds."

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