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General News of Monday, 8 February 2021

Source: www.mynigeria.com

Govt grants N6.4bn loan for cotton farmers

Cotton plant Cotton plant

The Federal Government(FG) has given out N6.4 billion loan to farmers.

This loan is available to farmers in Adamawa, Gombe and Taraba states who have the aim of producing cotton during the rainy season.

President of the National Cotton Association of Nigeria (NACOTAN), Mr Anibe Achimugu revealed this on Monday, February 8, 2021 in Gombe.

According to him, the loan was provided through the Anchor Borrowers Programme of the Central Bank of Nigeria.

He added that with the loan, the cotton farmers were expected to provide 136, 000 metric tons of cotton for the 2020 wet season based on 1.5 metric tons per hectare, for delivery to the central bank.

He said: “Already a Memorandum of Understanding (MoU) has been signed with the military and para-military agencies in the country to produce their uniforms from the local textiles industries thereby boost the country’s economy.”

Achimugu continued that the association has already started a loan recovery process from the cotton farmers in the three North-East Region States.

Through the CBN’s anchor borrowers programme, CTG industries in the country were revived which have started generating employment for the teeming youths, the president said.