Ecobank to increase agric sector funding

Ecobank Nigeria may have unfolded plans to step up its agriculture sector funding, which current loan portfolio stood at N84 billion.
 
The move, according to the bank, is a deliberate effort to significantly impact the sector in the next four years in line with Federal Government policy.
 
The Country Manager, Agriculture and Export Finance, Ecobank Nigeria, Abel Ajala, said the plan was part of the bank’s strategic initiative to increase support to the agriculture sector in Nigeria.
  
Ajala said the bank is working closely with Central Bank of Nigeria (CBN) and Bank of Industry (BoI), using intervention funds and other schemes to avail credit facilities at concessionary and single digit interest rates.
 
“Apart from the bank’s direct lending to agriculture sector, Ecobank has supported many stakeholders in the sector to obtain BoI’s loans and various CBN-support facilities for agriculture such as Commercial Agricultural Credit Scheme (CACS), Nigeria Incentive – based Risk Sharing for Agricultural Lending (NIRSAL) at a single digit interest rate. 
 
“Ecobank also plans to grow the BOI/CBN funding portfolio in the bank significantly in the next four years,” he said.