Various media reports have revealed that the National Assembly is about to start a debate on a piece of legislation which seeks to raise up to N500 billion for the take-off of the Agriculture Credit Fund which is currently before the House of Reps.
According to Asoko Insight, the regulatory framework hopes to “promote commercial agriculture in Nigeria and provision of credit support for production, storage and processing of target commodities, develop market and agricultural enterprise and for other related matters.”
According to the bill, the fund will complement other activities of the Central Bank of Nigeria (CBN), in providing concessionary funding for the agricultural sector, and fast-track development by providing credit facilities to commercial enterprises.
It also aims to reduce the cost of credit in agricultural production, increase output, diversify revenue base, increase foreign exchange earnings, and generate employment.
The bill is sponsored by Senator Mao Ohuabunwa.
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