CBN N41 Billion for Wheat Farming Loan /Grant Application Form

Spread the love

CBN N41 Billion for Wheat Farming Loan /Grant Application Form – Do you want to benefit from the ongoing farmers loan and grant by Federal Government? Do you want to apply for CBN Loan? The portal or link for application is now open for all and sundry to apply successfully.

CBN N41 Billion for Wheat Farming Loan /Grant Application Form

The Central Bank of Nigeria (CBN) has earmarked N41billion, which is being disbursed by Heritage Bank Plc to farmers across multiple states for the expansion of wheat production projects and to meet the growing demand for wheat.

Recommended: FG Relief Loan Fund/Grants for Business and Farmers 2022 Form: See How to Apply

The disbursed fund is to consummate the expansion of the Wheat Seed Multiplication Project, as part of the CBN’s Brown Revolution Initiative, an intervention programme to flag-off and support the commencement of dry season wheat farming across States in Nigeria.

READ – 247 Agricultural Credit Scheme (ACS) Loan – Apply Now

Speaking on this laudable initiative, the Governor of CBN, Godwin Emefiele, disclosed that the move was part of the apex bank’s intervention to address the challenges in the wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap inherited in Nigeria agricultural space.

According to him, following the successes in the Anchor Borrowers’ Programme (ABP), the apex bank decided to extend the gains recorded in rice and maize value chains to wheat production.

READ – Livelihood Improvement Family Enterprise (LIFE) – FMARD

He said the programme would benefit over 150,000 farmers.

He also said the programme would be implemented in 15 states on about 180,000 hectares of land.

Emefiele said the apex bank sought to save $2 billion spent on importing five million metric tons of wheat annually through the intervention.

“Wheat is the third most widely consumed grain in Nigeria, after maize and rice. It is estimated that the country only produces about one per cent (63,000 metric tons) of the 5-6 million metric tons of the commodity consumed annually in Nigeria,” he said.

“This enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second-highest contributor to the country’s food import bill.”

READ – CBN Micro, Small and Medium Enterprises Development (MSMEDF) Fund Loan – Apply Now

He said that unless the issue was addressed, the increasing demand would add more problems to the country’s reserves.

“Given the high growth rate of the country’s population and the demographic structure, the demand for wheat is projected to continue to rise. This can only intensify pressure on the country’s reserves unless we take a decisive step to grow wheat locally,” Emefiele said.

READ – Rapid Response Registry: Apply for RRR Government COVID-19 Support Scheme

The MD/CEO of Heritage Bank, Ifie Sekibo said the Brown Revolution Initiative would help reduce the nation’s food import bill by increasing wheat production, creating market linkages between smallholders farmers and Anchors/Processors, creating an ecosystem that drives value chain financing, improve access to credit by the smallholder farmers by developing credit history through the scheme and many more.

How to be updated regularly

To be always updated especially, when the list of shortlisted candidates will be out and other related articles or updates, kindly subscribe to the site using your Email address for FREE

LIKE our Facebook page

Follow Us On Twitter Handle

If there is any confusion or questions, kindly Comment Below or Click Here

Leave a Reply

Your email address will not be published. Required fields are marked *

google-site-verification: googlea02b72f032db8970.html
error: Content is protected !!