Heritage Bank is set to release N41bn to support wheat production in the country. In partnership with the Central Bank of Nigeria, Heritage Bank plans to empower farmers in 14 states of Nigeria.
The Big Picture.
With the various challenges facing the oil sector, there is the need for diversification into other sectors of the economy, one of which is the agricultural sector.
By empowering wheat farmers, Heritage Bank is closing the wide supply gap lack of funding has created. Also, Heritage Bank is looking to register the beneficiaries with the Lagos Commodities and Future Exchange (LCFE) to give the farmers some formal structure.
While speaking in a statement, the Managing Director, Heritage Bank, Mr. Ifie Sekibo, said the bank’s initiative would reduce Nigeria’s import bill and create a good market link between farmers and processors.