By ABEL JOHNGOLD ORHERUATA
The Central Bank of Nigeria (CBN) and it’s initiative, the Board of Agricultural Credit Guarantee Scheme Fund (ACGSF), presented the “Best Farmer Award of the Year 2020“ to three recipients in Delta State.
The award presentation which were given to farmers who borrowed and repaid their loans to encourage and motivate participating farmers under the ACGSF, took place today, at the Conference Hall of the Asaba Branch of CBN.
The CBN ACGSF Best Farmer of the Year Award recognizes selected farmers that borrowed and repaid loans under the scheme.
While speaking, the Delta State Governor, Senator Ifeanyi Okowa expressed appreciation to the Branch Controller of CBN Asaba for being in the forefront of making funds available for farmers which has been yielding results.
Governor Okowa who was represented by the State Commissioner for Agriculture, Hon. Julius Egbedi, disclosed that the CBN had been helpful to those farmers in Delta State.
While charging borrowers to always payback loans so that others can benefit, the Delta State Governor noted that the loans being given to farmers are public funds and there’s need for Government officials to give account of public funds. “If you payback you won’t shut the door against yourself and others”. He admonished.
He disclosed that the Delta State Government and CBN is working seriously to see how they can improve oil palm Development with loan of about N37bn to see investors move into the oil- palm program.
“We need our farmers to participate in this program. Government is ready to back farmers that are ready to participate”. Gov Okowa stated.
Earlier, the Branch Controller of CBN Asaba, Mrs. Patricia Ukwu disclosed that the ACGSF was established by Decree No. 20 of 1977, and started operations in April 1978. Its original share capital was N100 million. The Federal Government holds 60% of the shares while Central Bank of Nigeria holds 40%. The capital base of the Scheme was increased to N3 billion in March, 2001. The Fund guarantees credit facilities extended to farmers by banks up to 75% of the amount in default, net of any security realized.
Adding that the Fund is managed by the Central Bank of Nigeria, which handles the day-to-day operations of the Scheme.
According to Ukwu, “Between 1978 and 1989 when the government stipulated lending quotas for banks under the Scheme, there was consistent increase in the lending by banks to agriculture, but after the deregulation of the financial system, banks became risk averse in agricultural lending. In order to reverse this declining trend, several innovations and products were introduced such as the Interest Drawback Programme (IDP).
“The Interest Drawback Programme is meant to cushion the effect of loan interest burden on loan beneficiaries under the Scheme.
” It is pertinent to mention that CBN, Asaba Branch has, since inception, guaranteed loans in excess of N3.8 billion for over 33,000 farmers under the scheme.
“In order to sustain this tempo nationwide, boost farmers’ interest in the scheme and drive awareness, CBN reintroduced the Best Farmers Award which was last held in 2012”. She stated.
Ukwu revealed that after a painstaking selection process by the State Screening Committee which considered certain criteria, such as: Timely Repayment of loans; Proper utilization of Loan facilities; Good Track Records; among others, three farmers emerged the overall best, from the list of 12 farmers submitted by LAPO MFB.
“We are today celebrating these Best Performing Farmers of the Year 2020 in Delta State. The winner is to be presented with a Plague, a Certificate and a Cash Award of N100,000, while the 1st and 2nd runners up will be presented with a Certificate and a Cash Award of N75,000.00 and N50,000.00 respectively.
“The sole objective of today’s ceremony is not just to celebrate these heroes, but to encourage the general public to get involved in the programme and urge other banks especially, Microfinance Banks to key in and provide opportunities to our rural farmers to benefit from the scheme”. She noted.
The Asaba CBN Branch Controller maintained that the yearning of the Bank and the Government of the Day is to: Reduce Poverty to the barest minimum; Create jobs for our teaming population and Diversify the economic base of the nation, among others.
Also speaking, the Head, Development Finance Office, Central Bank of Nigeria, Asaba Mr. Elias Tochukwu Nworie, praised the CBN Governor for the numerous life- impacting interventions of the Bank. He commended Gov Okowa for the support the State Government have been giving to CBN and stated that it the Bank’s expectation that the exercise, will mark the beginning of renewed awareness and increased public participation in the Scheme in Delta State.
He also expressed his appreciation to the Asaba CBN Branch Controller for always providing workers needs to do their work.
While urging the media to help take the CBN ACGSF sensitization Campaigns to the nooks and crannies of the State, Nworie noted that the Award was to spur and encourage prompt repayment of loans by farmers.
The recipients of the 2020 ACGSF Best Farmer Award Ceremony are Mr. John Esevweneta Uwejigho, CEO of Ugboroke Fish Farm Effurun, in Uvwie LGA, Emeni Joel, CEO of Joemeni Light Farm Enterprise in Isoko North, and Madam Veronica Idogar from LAPO Microfinance farmers Association.
Speaking on behalf of the recipients, Joel Emeni, the 3rd Award winner, Commends the CBN saying that now farmers can farm fish anywhere because one can even do tarpoulin fish pond.
While urging civil servants to go into farming to avoid falling sick after retirement, Emeni stated thatt with strong financial backing, farmers can do better.