The Bankers’ Committee of the Central Bank of Nigeria on Thursday agreed to set aside five per cent of the profit after tax of the banking sector to finance the agricultural sector as well as non-oil exports.

The committee, at its meeting held at the headquarters of the CBN in Abuja, said that based on the balance sheet size of the banking sector for the 2016 financial year, about N25bn was expected to be pooled into the fund annually.

The Director, Banking Supervision Department, CBN, Mr. Ahmed Abdulahi, who addressed journalists shortly after the meeting, said that the decision to set aside the fund was to support the agricultural sector and import substitution policy of the Federal Government.

Abdulahi was joined at the briefing by the Managing Director, First Security Discount House, Mr. Hamda Amban; Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje; Director, Shared Services, CBN, Mr. Chidi Umeano; and Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor.

Apart from the new funding initiative for the agricultural sector, others issues discussed at the meeting, according to Abdulahi, are the reactivation of the cashless policy as well as its extension to the remaining 30 states, Ponzi schemes and the emerging threat of virtual currencies.

Providing more insight into the new funding mechanism for the agricultural sector, Abdulahi said the fund would be used to finance eligible bankable projects meant to support the export drive of all import substitution products.

He explained that the move was borne out of the conviction that the agricultural sector as well as the promotion of non-oil exports held the key to the diversification of the economy.

He said the money would not be given out to businesses in the sectors as loans, but would be provided by banks as equity contribution to such companies.

This, he noted, would allow the banks to have equity stake in such businesses for a maximum of 10 years, adding that rather than charging interest, the banks would be entitled to dividend during the period of their investments.

Umeano, who spoke on the cashless policy, said it would help drive financial inclusion, the Sustainable Development Goals of the country and improve security in bank transactions.

He said the committee’s plan was to have a gradual reintroduction of the scheme to the 30 states starting from May this year

The cashless policy, since it was introduced in 2012, according to him, has been implemented in six states.

On Ponzi schemes and virtual currencies, Agbaje said that the CBN had warned Nigerians not to patronise them as they were not registered by any of the regulatory agencies in Nigeria.

“Ponzi scheme is something that as an industry we are very concerned about. We are trying to make sure that majority of people do not fall into get-rich-quick schemes,” he added.

http://investorsking.com/banks-set-aside-5-profit-agriculture-exports/

booked

This agriculture matter self don dey tire me.
For how many years now all our headlines have been agriculture this, agriculture that, yet no significant change in the sector. The only export we have ever heard of is the government of Anambra state exporting vegetables. Ever since, nothing has changed again. Even the Rice they claim to have started producing in collaboration is still not in the market, meanwhile prices of other agricultural products keep skyrocketing. Hope Agriculture is not the new word for embezzlement
Just asking sha.

ABDULA2219

Na now day break for their eye

Under Osunbade things just appear to be taking shape overnight.
God pls wherever Pharaoh Buhari is, let him just respect himself and remain there ad infinitum.
Ahn Ahn enough is enough

I want to start exportation of garri, how do I go about it ?

Great, it appears some people are beginning to wake at CBN. I pray the banks will embrace this policy and support diversification of the economy for the first time.

.

Bankbs are 419,They deducted money from our account any how.They rub peter to pay Paul.

hakeem4:
I want to start exportation of garri, how do I go about it ?

Contact importexpert abi na importexport, and your life would never remain the same
Na joke I dey oooo, i don't know who he is ooo

Ok

hakeem4:
I want to start exportation of garri, how do I go about it ?

The one wey never reach us...you wan start exporting... ok... Continue

What precisely are they going to export?

hakeem4:
I want to start exportation of garri, how do I go about it ?

This is a very intelligent question. Click on the first link on my signature to know how you go about exporting garri.

frenchwine:

Contact importexpert abi na importexport, and your life would never remain the same
Na joke I dey oooo, i don't know who he is ooo

The first link on my signature will tell you all about export of agricultural products.

simplemach:
This agriculture matter self don dey tire me.
For how many years now all our headlines have been agriculture this, agriculture that, yet no significant change in the sector. The only export we have ever heard of is the government of Anambra state exporting vegetables. Ever since, nothing has changed again. Even the Rice they claim to have started producing in collaboration is still not in the market, meanwhile prices of other agricultural products keep skyrocketing. Hope Agriculture is not the new word for embezzlement
Just asking sha.

Be patient.

adioolayi:

The one wey never reach us...you wan start exporting... ok... Continue

What do you mean by that? In case you do not know, the fact that you do not have access to garri does not mean that this country is not saturated with it. Exportation of garri is becoming a goldmine. Check my signature for more.

m back

to that mod wey ban me eeh

my edo brethren dey watch your case

hakeem4:
I want to start exportation of garri, how do I go about it ?

Contact 3T Impex Consulting, You can reach them on tradeacademy@3timpex.com or 08091244449.

Am sure they can help.

It seems the ABSENCE of the despotic sadist is is a blessing in disguise.

tectonotimes:

Be patient.

Till I die I guess

simplemach:
This agriculture matter self don dey tire me.
For how many years now all our headlines have been agriculture this, agriculture that, yet no significant change in the sector. The only export we have ever heard of is the government of Anambra state exporting vegetables. Ever since, nothing has changed again. Even the Rice they claim to have started producing in collaboration is still not in the market, meanwhile prices of other agricultural products keep skyrocketing. Hope Agriculture is not the new word fo r embezzlement
Just asking sha.

With the way they were hyping this rice matter. I thought by now a bag of rice will be #5000.
Where are those kebbi rice, kaduna rice, Niger rice, Anambra rice