The Central Bank of Nigeria (CBN) said it will support more than one million farmers to cultivate over a million hectares of farmland by earmarking N432bn to fund the value chains of nine commodities in the 2020 wet season farming.
The aim is to boost food production in the Africa’s largest economy and most populous country, the CBN said on its Twitter account on Thursday.
Nigeria is encouraging investment in agriculture to help diversify the economy away from oil, which accounts for more than 90 percent of export revenues.
The CBN support to farmers targets increasing output of major food and cash crops including cotton, rice, tomato, cassava, cocoa and maize.
The CBN has unveiled numerous intervention funds to help prop up various sectors in the economy from Aviation and Power to Textiles and Sugar production.
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