Intervention Funds: Emefiele Warns Banks against Charging Above 9%

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Obinna Chima

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest on intervention funds guaranteed by the CBN.
According to a statement yesterday, Emefiele gave the warning in Abeokuta, Ogun State, during an interaction between the Presidential Task Force on Agricultural Commodities and Production and young farmers at the Owowo Model Farm Estate.

The Governor, who assured the young farmers of the Bank’s funding support through their respective PFIs, asked them to report any bank that charges them above nine per cent interest on loans guaranteed by the CBN.
He also assured them that Development Finance Officers from the Bank were readily available to assist them on how to access credit from the various intervention funds in order to guarantee employment, create wealth and meet the country’s food needs.

He therefore urged the young farmers to take advantage of the Bank’s Youth Entrepreneurship Development Programme (YEDP) as well as the Micro, Small and Medium Enterprises Development Fund (MSMEDF) to create wealth,
Also speaking, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh assured the youth of Federal Government support in their quest to make legitimate earnings from agriculture.

In his remarks, the Kebbi State Governor and Chairman, Presidential Task Force on Agricultural Commodities and Production, Alhaji Atiku Abubakar Bagudu commended the support of the CBN in revamping agricultural value chains across different crop types. He equally lauded the efforts of the Ogun State Government in boosting agriculture in the State.