CBN To Disburse 20 Billion Naira To Cotton Farmers

National, Uncategorized

By Chris Nyamtu – Lafia

Central Bank of Nigeria, CBN has set aside over 20 billion Naira for disbursement to cotton farmers in the 2022 planting season.

The CBN Governor Godwin Emefiele stated this at a two day training for cotton farmers in Lafia the Nasarawa State capital.

Also at the workshop, 32 member committee was set up to recover over 14 billion Naira revolving loans given to cotton farmers from 21 states including the FCT in the 2021 farming season.

Addressing the farmers, the CBN Governor, represented by Alhaji Sadiq Wahab Olanrewaju said CBN was committed to continuous provision of necessary inputs and funds to ensure that all the 65,000 hectares of land provided for cotton production across the countrywere cultivated given its vast prospects in diversifying the nation’s economy.

National President Cotton Producers and Merchants Association of Nigeria, COPMAN, Alhaji Lawal Sani Matazu pointed out that the re – introduction of cotton production had provided wider of employment opportunities for the teeming youths across the country.

Alhaji Lawal Matazu who is also the chairman, Cotton Recovery Committee for 2021 farming season explained that the committee would recover cotton valued at over 14 billion Naira which is 100 percent full repayment of the loans given by the CBN.

In an interview with Radio Nigeria, Borno State Chairman of Cotton Producers and Merchants Association of Nigeria,Alhaji Isa Abubakar and Nasarawa State Chairman of the association Alhaji Nasir Ismail called for more advocacy, prompt release of funds and inputs as well as improved security to enhance cotton production.

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