Connect with us


FG provides N6.4 billion loan for Northern farmers



Cotton farmers in Nigeria’s North East zone have been granted a loan of N6.4 billion by the Federal Government of Nigeria.

The loan when accessed, would enable about 28,000 cotton farmers in Gombe, Adamawa and Taraba to produce 1,000 tons of cotton each at the end of farming season, according to the National Vice President of NACOTAN, Alhaji Musa Yahaya.

The President of the National Cotton Association of Nigeria (NACOTAN), Mr. Anibe Achimugu had earlier revealed on Monday in Gombe State that the loan was meant for three Northern States of Gombe, Adamawa and Tarawa, saying,
it will be provided through the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN).

Read Also:  COVID-19: Chinese Doctors for capacity building, as firms donate $1.3m worth of equipment to Nigerian government

According to Achimugu, Cotton farmers are expected to produce about 136, 000 metric tons of cotton for the 2021 wet season based on 1. 5 metric tons per hectare, for onward delivery to the CBN.

He noted that the loan is CBN’s intervention for. farmersnin the affected States to embark on massive cotton production, in an effort to boost Cotton, Textile and Garment (CTG) industries in the country.

Read Also:  Push for debt cancellation: Nigeria to host maiden CoSAP confab in 2021

“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.

He 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 where 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.

Read Also:  CBN governor, Emefiele risks imprisonment over N182 billion judgement debt

“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 said.

The Vice President added that the intervention programme by the CBN has encouraged cotton farmers in the three states and created jobs for thousands of youth as well as resuscitated cotton ginneries in the three states.


Contact Us:

  • Address: Address: 1st Floor,  Nwakpabi Plaza,  Suite 110, Waziri Ibrahim Crescent, Apo,  Abuja
  • Tel: +234 7036084449, +234 8066722600, +234 7012711701
  • Email:

Quick Links: