{"id":135174,"date":"2024-10-22T23:05:56","date_gmt":"2024-10-22T22:05:56","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn"},"modified":"2024-10-23T00:09:10","modified_gmt":"2024-10-22T23:09:10","slug":"reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn","title":{"rendered":"Reps urge CBN to increase agricultural lending to farmers by $3bn"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The House of Representatives has called on the Central Bank of Nigeria (CBN) to address under-financing in the agricultural sector by providing the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) with an additional $3 billion.<\/p>\n<p>The Green Chamber expressed the view that the ailing economy, widespread impoverishment, and increasing hunger in the nation are due to decreased agricultural productivity, which has been triggered by low capital investment and insufficient funding of agricultural production.<\/p>\n<p>Against this backdrop, it urged the apex bank to ensure that 50 per cent of lending to Smallholder Farmers (SHF) is facilitated through Microfinance Institutions (MFIs), Farmer Cooperatives, and value chain commodity associations at an interest rate of 7.5\u201310.5 per cent.<\/p>\n<p>The House also called on the CBN to increase agricultural lending by banks from the current 1.4 per cent to 7 per cent of total lending within the next five years.<\/p>\n<p>The resolution of the House followed the adoption of a motion moved at the plenary on Tuesday by Hon. Uchenna Okonkwo.<\/p>\n<p>Presenting the motion, the lawmaker recalled that in 2011, the CBN launched and incorporated NIRSAL as a dynamic, holistic $500 million public-private initiative to define, measure, price, and share agribusiness credit risk.<\/p>\n<p>Okonkwo explained that the objective of NIRSAL is to enhance agricultural value and financial value chains by promoting good practices in agricultural financing, loan utilization, and repayment, thus reducing the risk of agricultural lending.<\/p>\n<p>He expressed concern that the agricultural sector, which accounts for 40 per cent of the nation\u2019s Gross Domestic Product (GDP) and provides over 60 per cent of employment, has experienced slower growth recently and is underperforming despite its enormous potential.<\/p>\n<p>He said: \u201cConvinced that to reverse the trend, there is a need to tackle the challenge of under-financing of agricultural value chains by providing NIRSAL with an additional $3 billion for lending to agricultural value chain actors in Nigeria.\u201d<\/p>\n<p>The House, therefore, mandated the Committees on Banking Regulations, Agricultural Production and Services, Nutrition and Food Security, and Finance to monitor compliance and report back within four weeks for further legislative action.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The House of Representatives has called on the Central Bank of Nigeria (CBN) to address under-financing in the agricultural sector by providing the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) with an additional $3 billion. The Green Chamber expressed the view that the ailing economy, widespread impoverishment, and increasing hunger [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":135173,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,254,1589],"class_list":["post-135174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-nigeria","tag-reps"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Reps urge CBN to increase agricultural lending to farmers by $3bn - Nigeria<\/title>\n<meta name=\"description\" content=\"The House of Representatives has called on the Central Bank of Nigeria (CBN) to address under-financing in the agricultu ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reps urge CBN to increase agricultural lending to farmers by $3bn\" \/>\n<meta property=\"og:description\" content=\"The House of Representatives has called on the Central Bank of Nigeria (CBN) to address under-financing in the agricultu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-22T22:05:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-22T23:09:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1729625910.305139.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"607\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reps urge CBN to increase agricultural lending to farmers by $3bn\",\"datePublished\":\"2024-10-22T22:05:56+00:00\",\"dateModified\":\"2024-10-22T23:09:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn\"},\"wordCount\":359,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1729625910.305139.jpg\",\"keywords\":[\"CBN\",\"Nigeria\",\"Reps\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-urge-cbn-to-increase-agricultural-lending-to-farmers-by-3bn\",\"name\":\"Reps urge CBN to increase agricultural lending to farmers by $3bn - 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