Bank’s intervention in tomato production reaches N10bn


The Central Bank of Nigeria (CBN) has disclosed that about N10 billion has been expended through eight different projects, as part of its intervention in the production of tomato in the country.

While commenting on the Dangote Green House tomato manufacturing project, the CBN Governor, Godwin Emefiele, stated that the Green House Project can produce 10 million tomato seedlings monthly.

Godwin Emefiele, added that the apex bank had extended its lending to the agricultural and manufacturing sectors, through targeted intervention programmes.

According to him, “In particular, we sought to improve domestic supply of four commodities (rice, fish, sugar, and wheat), which consume about N1.3tn annually from our nation’s import bill.”

To spur bank lending to the high-impact sector, he said the bank, at its July 2018 Monetary Policy Committee, pledged to refund Cash Reserve Ratio to banks under certain conditions.”

He noted that the policy measures instituted by the monetary and fiscal authorities are enabling broad-based participation of farmers, textile workers and firms towards supporting the productive growth of the Nigerian economy.