The Divisional Head of Agribusiness of
FCMB, Kudzai Gumunyu, has mentioned the financial institution would quickly begin disbursing loans to
entrepreneurs in agribusiness, particularly commodities similar to cocoa, cashew
nut, sesame, ginger, palm oil, grains- maize, sorghum, soya beans, and paddy
He mentioned between N100million and N2
billion can be given out.
Talking to journalists on this he mentioned
FCMB recognises the hole that exists in agribusiness financing, in addition to different
challenges confronted by operators, together with farmers, within the sector.
“We realise there are hundreds of thousands of agro-traders and processors
throughout the nation that want credit score at handy and reasonably priced charges,
contemplating the extent of attraction the sector has garnered.
“Our determination to introduce a revamped agro-commodity commerce
finance facility is a part of our intervention within the agribusiness house to
guarantee agribusinesses and different stakeholders are empowered with the requisite
funds and enablers to spice up manufacturing and advertising of agricultural
“Commodity producers and merchants stand to immensely profit from
this facility as a result of it’s a veritable and handy alternative to entry
funds that guarantee money move is accessible for max output. We urge all to
reap the benefits of this providing,” he mentioned.
He assured that FCMB is concentrated on being a strategic accomplice
within the agriculture sector to drive diversification of the Nigerian financial system,
meals self-sufficiency, employment and export earnings.
Gumunyu mentioned FCMB in 2018, offered strains of credit score that
peaked at eight per cent of the financial institution’s complete mortgage e book to the agriculture
sector, with the intention to enhance on this milestone.
“As an example, the financial institution facilitated and assured the
procurement of 50 tractors by the Tractor House owners and Operators Affiliation of
Nigeria (TOOAN) Ventures from the Financial institution of Trade. The tractors had been handed
over to the affiliation not too long ago at Ilero city, Oyo State.
“Lately, the lender signed a Memorandum of Understanding
with the World Financial savings and Retail Banking Institute (WSBI).
“The memorandum is aimed toward deepening company banking,
monetary inclusion and financial savings tradition within the casual and agribusiness
sectors, beginning with 5 states, particularly Kaduna, Kano, Nasarawa, Ogun and
Oyo. The plan is to achieve two million farmers nationwide by the yr 2023,” he