$1.2 million Disbursed By CBN ,Bank Of Industry And Others For Rice Production

Recall in 2019 the CBN lead by godwin emefiele promised to support and provide funding for rice farmers to boost production after the shutdown of land border in november 2019.

The Central Bank of Nigeria (CBN) in conjunction with other institutions namely Bank of Industry (BOI), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Sun Trust Bank(STB) , have Allocated $1.2 million to Santuscom Agro Investment to boost rice production.

The BoI/SunTrust will assist in the  procurement of equipment, plant and accessories for complete rice milling plant of 60 tonnes per day, which is put to the tune of over N300 million.

Santuscom Agro Investment Managing Director, Paul Ofana, explained that the firm signed Memorandum of Understandings (MOU) with CBN, BoI, SunTrust Bank, and NIRSAL Microfinance Bank to access the facilities.

Paul Ofana said  “Santuscom Agro Investment Company Limited, the producers of our popular Ogoja Rice have secured and signed an investment deal with the Bank of Industry (BoI) and the Central Bank of Nigeria (CBN) through the Anchor Borrowers Programme to the tune of $1.2 million, which is equivalent of over N761.9 million.”