Kogi to benefit from multi-billion naira CBN palm produce funds

The Central Bank of Nigeria (CBN) has agreed to include farmers from Kogi state among those who will benefit from a special intervention fund for palm oil production.

Under the scheme the CBN is expected to disburse laons to farmers in benefitting states to enable them massively increase the production of palm trees.

Apart from the funds to be made available to clusters of farmers, the scheme will also provide improved seedlings to farmers.

The aim is enable the country to reverse the high importation of palm oil into the country.

A statement issued in Lokoja yesterday by the Director General, Media and Publicity to the governor, Kingsley Fanwo said the deal to include Kogi State was struck when Governor Yahaya Bello led a high-powered delegation of the State Economic Team to meet with the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele at the CBN Headquarters in Abuja.

Speaking after the session, Governor Yahaya Bello said he was excited by the prospect of making the state a leading producer of palm oil in Nigeria.

“Kogi has a comparative advantage to become a major palm oil producer in Nigeria. We have been doing that across the state from the West to the Central and to the Eastern flank of the State.

“With this my administration will galvanize thousands of young and old farmers to produce palm oil massively with improved seedlings and better funding.

“What happened today is what we stand for as a Government to project our state and position her to benefit from national schemes as the Food Headquarters of Nigeria.

“We are going back home to put in place structures that will make the program a huge success and of benefit to our people who have been looking forward to a massive opportunity as this”, Bello said.