3 North Eastern States get FGN’s N6.4bn cotton farming loan

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

As a move towards boosting cotton production in the rainy season, the Federal Government has granted N6.4 billion loan to farmers in Gombe, Adamawa and Taraba states.

This was disclosed on Monday by the President, National Cotton Association of Nigeria (NACOTAN), Mr. Anibe Achimugu while addressing journalists.

Achimugu said the loan was provided through the Anchor Borrowers Programme of the Central Bank of Nigeria while adding that with the loan, the cotton farmers were expected to provide 136,000 metric tons of cotton for the 2020 wet season based on 1.5 metric tons per hectare, for onward delivery to the CBN.

According to him, the intervention by the apex bank was to enable the farmers to embark on massive cotton production, in an effort to boost Cotton, Textile and Garment (CTG) industries in the country.

“Already a Memorandum of Understanding (MoU) has been signed with the military and para-military agencies in the country to produce their uniforms from the local textiles industries thereby boost the country’s economy,” he said.

Speaking further, Achimugu added that the association has already commenced a loan recovery process from the cotton farmers in the three North-East Region States.

The President said through the CBN’s anchor borrowers programme, CTG industries in the country were revived, which have started generating employment for the teeming youths.

The National Vice President of NACOTAN, Alhaji Musa Yahaya, said 28,000 farmers in Northeast are expected to produce 1000 tons of cotton each at the end of the farming season.

“The N6.4 billion allocated to the three states in the Northeast sub-region is to strengthen 28,000 members of NACOTAN across Gombe, Adamawa and Taraba states,” Yahaya added.

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