Umahi of ebonyi state praise CBN for agricultural funding

The Governor of Ebonyi State, Dave Umahi has praised agricultural financing schemes initiated and implemented by the Central Bank of Nigeria (CBN) including the anchor borrowers' scheme and the Commercial Agriculture Credit Scheme (CACS). He also praised the CBN Governor, Godwin Emefiele on the prudent ways he has managed the nation's economy.

Umahi spoke at the weekend in Abakaliki, Ebonyi State at the gala night of the Finance Correspondents and Business Editors seminar that held in the state.

Passing a vote of confidence on the CBN Governor, he said the CBN was doing a lot as many states would not have been able to pay salaries without its intervention.

"We urged naysayers to desist from playing politics with national issues saying that the nation needs patriotic and God fearing people to succeed," he said.

Umahi said the country will not need to import rice going forward due to the ongoing programmes of the CBN, which are several states including Ebonyi to improve and enlarge its rice production. He explained that the state inaugurated an agricultural scheme called one man, one hectare so as to attain food security for the state and country.

The Ebonyi State governor, who just came back from China on foreign investment tour, said to ensure that agriculture ventures in the state become profitable, a Chinese system of irrigation would be deployed. He said the ongoing recession presents opportunity to diversify the economy from overdependence on crude oil.

Also, the Chairman, Ebony Agro Industry Limited, Charles Ugwu equally praised the CBN for sustaining rice milling business in the country.

He spoke during a media visit to his mill in Ikwo Local Government Area of Ebonyi State. He recounted that Ebony Agro Industry was one of the several rice mills established by the Federal Government in 2008 due to the recorded food shortage occasioned by the global economic meltdown. He added that due to policy reversal and challenges of infrastructure such as power, road and finance, only four of the 17 proposed mills were eventually established.

Ugwu further said the stringent measures put in place by commercial banks on loan procurement had scuttled the project but for the intervention of the CBN. He commended the CBN for providing the start up funds through the CACS and the Anchor Borrowers Programme, which are helping farmers to realise their dreams.