The Managing Director / CEO, Bank of Agriculture, Mr Kabir Mohammed Adamu has disclosed that under the current rice revolution of the present administration, the Bank has disbursed a total of N2.5 Billion out of 84.5billion to beneficiaries throughout the South East region, under the FMARD/BOA collaboration programs.
Adamu noted that at June 20, 2019, the Federal Government administered facilities worth N84.5 billion to 416,835 farm families to cultivate rice, Maize, Soybeans, Cassava, wheat and Cotton on over 477,462.18 hectares of land nation-wide.
The MD/CEO stated this during the flag off of the 2019 farming season with the theme ” Agricultural Financing : “A panacea for sustainable National Development ” at the International Conference Centre, Umuahia.
According to him, “The Bank through the Ministry of Agriculture and Rural Development has embarked on a program of distribution of rice mills, of ten tons per day capacity, 20 tons/day, 40 tons/day, 50 tons/day and a few 100 tons, to successful bidders across the country. This is expected to close the gap between paddy availability and mills to process it.”
The MD applauded the federal government despite the towering challenges confronting agriculture and agribusinesses, “It is good to note that the Government of President Muhammadu Buhari has been on top of the situation and weathering the storm. It is on record that President Muhammadu Buhari has given support for interventions that is expected to move agriculture forward and contribute to repositioning the economy, diversifying it away from over-reliance on oil” he said.
Speaking on the Anchor Borrower’s Program, He said the anti-corruption drive of President Muhammdu Buhari has halted the exogenous leakages in the Agricultural sector to encourage, empower, and enhance the locally made farm produce thereby increasing our internally generated revenue (IGR) index and foreign exchange capacity and reserve.
Mr Adamu commend Governor Okezie Ikpeazu , on his “silent revolution that is going on in the state. He said the Bank of Agriculture is aware that, the State government , as a matter of priority, placed more emphasis on infrastructural development, Agriculture, Trade and Commerce, we cannot but agree with many that this is indeed a “Caterpillar Revolution”.