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Business News of Saturday, 18 January 2020

Source: Guardian

Ekiti government, CBN pledge to support cotton farmers

Cotton farm Cotton farm

It is good news for cotton farmers in Ekiti state after the Central Bank of Nigeria, (CBN) and the state government pledged to financially support the business to ensure massive production of cotton in the state.

According to the Guardian,the CBN and government made their intentions known to the members of National Cotton Association of Nigeria (NACOTAN) Ekiti on Friday at the inauguration of the Recovery of Cotton Outputs for 2019/2020 planting season under the CBN and NACOTAN Anchor’s Borrower programme.

News Agency of Nigeria (NAN) reports that the programme was held in Itapaji Ekiti, Ikole Local Government Area of Ekiti.

The CBN was represented by Mr Olutayo Sowumi, who said that "the Anchor Borrower’s Programme was inaugurated by the Federal Government to boost productivity and alleviate poverty among the farmers, it is on this note that the CBN determined to assist the NACOTAN members to make life better for them."

Sowumi expressed the CBN's delight with NACOTAN's conduct and progress in the state and urged other cotton farmers, who benefited from the facility, not to delay in the repayment as the loan was a revolving one which other farmers were expected to benefit in subsequent years.

“The beneficiaries should come willingly and pay so that others can also benefit. If they do not pay it means they are trying to terminate the programme.

“It should be a revolving fund, as you collect, you produce, you sell and then pay the loan so that others that have not benefited earlier can also benefit.

“I wish to say that NACOTAN members are the best association that CBN has ever worked with without any problem.

“They are disciplined, hardworking and I want to assure them that the CBN management will continue to support them financially to make their cotton production easy and successful,” he said.

Speaking on behalf of Governor Kayode Fayemi, Commissioner of Agriculture and Rural Development, Mr Folorunso Olabode, said that his government was determined to support NACOTAN to nurture and sustain the production of cotton in the state.

Fayemi said that the state would welcome investors who are determined to improve the economy of the state and provide job opportunity for the youths.

The State Chairman of the association, Mr Michael Olorunfemi, believes that the CBN and state government's support will move cotton production in the state to another level.

He, therefore, appealed to the state government to provide adequate security for the farmers against the invasion of the herdsmen in their farms.