Poultry syndicate gets N2bn CBN loan at single digit rate

A poultry syndicate in Shonga Farms Holdings Limited, owned by the Kwara State Government and private investors, has obtained an agriculture loan of N2 billion from the Central Bank of Nigeria (CBN) to execute its expansion plans.
 
Mr. Godwin Emefiele
Governor, Central Bank of Nigeria
Mr. Godwin Emefiele, Governor of CBN, who was in Shonga on an inspection of the farm, disclosed this to newsmen at the weekend. 

Emefiele said the facility would be provided at a low interest rate of 9 per cent, adding that the visit has helped him to learn more about the poultry value chain and how the sector can help to improve the country’s economy.

He commended Kwara for the establishment of Shonga Farms, adding that other states should emulate the state’s commercial agriculture model as a way of diversifying the economy and deliver dividends of democracy, such as jobs and agro-allied prosperity to the people.

Governor Abdulfatah Ahmed of Kwara State thanked CBN Governor for the visit and his support for the development of agriculture in the state. He said the state government had established an Off Taker Demand Driven Scheme, based on the lessons learnt from the Shonga Model.


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