By Jeph Ajobaju, Chief Copy Editor
Rivers alone has received more than N13 billion from the Central Bank of Nigeria (CBN) intervention fund and the state’s loan status remains in good standing, says Godwin Emefiele.
The CBN governor made the disclosure at the launch of Rivers Cassava Processing Company (RCPC) in Port Harcourt, where he applauded the state government for co-operating with foreign entities that helped establish the plant.
Rivers got the N13 billion from the N333.2 billion that South South states – Akwa Ibom, Bayelsa, Cross River, Delta, Edo, and Rivers – have received from the CBN to implement economic projects in a region known for agriculture apart from oil.
Rivers worked with Shell Petroleum Development Corporation, Dutch Embassy Investment Nigeria and their technical partners in setting up the facility.
RCPC supports the mandate of the CBN to promote economic growth, Emefiele said, and the plant is a “verifiable platform” for farmers to access funds from the CBN and other financial institutions under the Anchor Borrowers Programme (ABN).
RCPC has capacity to process over 45,000 tonnes of cassava, and Emefiele enthused that it will provide high quality cassava flour for households, industries, and bakeries.
“Developmental finance initiatives at the CBN are focused on creating an enabling environment that will drive both public and private sectors participation in the real sector with strategic deliverables around price stability, job creation, financial inclusion, import substitution and accretion to foreign reserve,” he said.
“The CBN remains committed to working with the state governments in supporting smallholder farmers and processors across various commodities such as cassava, palm oil and fisheries.”
CBN lifts South South with N333b package
Emefiele explained that “the sum of N333.2 billion had been disbursed to various projects in the South South region covering activities in different economic sectors.
“About N7.436 billion had been accessed by four states in the South South region to open up more land for cultivation, create access roads to agricultural lands, and provide infrastructure among other support services in the region.
“These measures are helping to induce greater activity in the agricultural sector and are enabling the movement of goods from farm to factories, and to the markets.”
Federal collaboration with states
Agriculture Minister Muhammad Nanono has promised that the ministry will supply free cassava seedlings to South South farmers, and Emefiele insisted that the CBN would no longer support importation of items that could be produced locally.
He said the CBN would collaborate with Rivers and other states to develop agriculture and manufacturing in line with the CBN mandate of promoting economic growth.
He implored agencies at all levels of government to join hands to diversify the national economy and create an enabling environment for investment by firms such as RCPC.
Land development constrains greater agricultural production in the South South, he said, which he attributed to topography, but added that the CBN has partnered with states in the zone under the Accelerated Agricultural Development Scheme.
River State Governor, Nyesom Wike, invited farmers and other interested individuals to buy into the state’s development programme, particularly in agriculture.
Rivers is ready to divest its 80 per cent shareholding in RCPC to ensure its proper management, he pledged.