Edo govt, CBN devote N500 million to de-risk agric investments

The Edo State Governor, Godwin Obaseki, who succeeded Adams Oshiomhole.[Photo credit: YouTube]
The Edo State Governor, Godwin Obaseki, who succeeded Adams Oshiomhole.[Photo credit: YouTube]

The Edo State Government in collaboration with the Central Bank of Nigeria, CBN, has initiated a N500 million Commercial Agricultural Credit Scheme, CACS, to de-risk investments in agriculture in the state.

This was disclosed in a statement sent to PREMIUM TIMES on Friday by the Special Adviser on Media to the Governor of Edo State, Crusoe Osagie.

The statement showed that the Governor of Edo State, Godwin Obaseki, has inaugurated a nine-member committee to oversee and serve as a monitoring team for the scheme as well as manage funds from the CBN to guarantee its judicious use by farmers across the three senatorial districts within the state.

The committee is headed by the Special Adviser to the Governor on Agriculture, Joe Okojie, at the Government House, in Benin City, Edo State.

Mr. Obaseki said members of the committee were selected based on their expertise and accomplishments and not for political patronage.

He also said the programme is aimed at providing credit for agricultural transactions in the state and that the scheme is critical to his administration’s agricultural initiatives.

The idea behind the scheme, the governor explained, is to support large scale commercial agriculture so that their growth would stimulate and scale up the activities of small scale farmers.

“Time, experience and technology are very important in agriculture. We need to engage the services of consultants and experts to work with the committee and use the advantage of the dry season to our benefit,” he said.

He noted, however, that the state government was not interested in agribusiness to start farms, but in de-risking the process and creating an environment for entrepreneurs to emerge and thrive.

The obligations of the committee include: to oversee and ensure equitable distribution of fund; ensure proper monitoring and evaluation, guarantee integrity of each access to information; promote an efficient and inclusive participation of key stakeholders to ensure fund usage by beneficiaries are in line with the terms of the scheme; monitor the impact and constantly look for ways to improve the probability of reaching the expected result of the scheme.

The chairman of the committee, Joe Okojie, pledged to deliver on the obligations and promised to be fair and objective in the management of the credit facility.

Coronavirus factsheet


PT Mag Campaign AD

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401...

BE THE FIRST TO KNOW! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application