Bayelsa govt begins training for 3,000 CBN Agric loan beneficiaries

Nathan Tamarapreye

Some 3,000 youths and women beneficiaries of the Central Bank of Nigeria (CBN) agricultural loan scheme in Bayelsa State on Thursday began entrepreneurship training.

The programme under the Accelerated Agricultural Development Scheme (AADS) is targeted at rice, cassava and fish farmers selected from eight local government areas of Bayelsa State.

Speaking at the event, Commissioner of Agriculture, Mr David Alagoa, urged the beneficiaries of the scheme to explore opportunities in the various value chains beyond core farming areas.

Alagoa, who was represented by the Permanent Secretary in the Ministry of Agriculture, Mr Mightyman Dikuro, added that the scheme is aimed at boosting food production in the state by guaranteeing the loan for the beneficiaries.

According to him, the scheme was designed to discourage direct disbursement of cash to beneficiaries as the farming input component of the loan would be supplied to the farmers through their cluster groups.

Addressing the beneficiaries also during the training, Head of Development Finance at the CBN in Yenagoa, Mr Stanley Oruseigha, advised the beneficiaries to refrain from diverting the cash component of the loan.

He said that given the projected yield from rice cultivation an hectare of land would yield more than 35 bags of processed 50 kg bags which could fetch in excess of N700,000 which is far greater than the total loan sum for each beneficiary.

He said that it made economic sense for the farmers to engage in the rice farming with a gestation period of three months.

It will be recalled that Gov Douye Diri of Bayelsa on Nov 11 obtained approval of the Bayelsa House of Assembly to borrow N17 bn from various sources, N10 bn of the N17 bn from the CBN is dedicated to Agriculture.