World Milk Day: Our Interventions Gulped N40bn To Develop Nigeria’s Livestock, Others –CBN

 Caleb Onwe | New Telegraph
As Nigeria joins other countries to mark this year’s World Milk Day, the Central Bank of Nigeria (CBN) said it has intervened in developing the livestock sector and other areas in agriculture, by investing up to N40 billion.

This disclosure was made yesterday in Abuja, by the Director, Department of Development Finance, CBN, Philip Yusuf, at an event organised by the Federal Ministry of Agriculture and Rural Development (FMARD), Commercial Dairy Ranchers Association of Nigeria (CO- DARAN), Abuja Chamber of Commerce and Industries (ACCI), Sahel Consulting Agriculture and Nutrition Limited Agriculture Correspondents Association of Nigeria (ACAN) and Centre for Journalism and Innovation Development (CJID).

Yusuf said CBN was committed to the livestock sector, because of its desire to bridge the milk production and supply gap of about 1.1 million metric tonnes in the country. He said: “We at the CBN are committed to the development of the livestock sub- sector as evidenced by our interventions in facilitating funding for numerous projects under our Commercial Agriculture Credit Scheme (CACS).

“Agribusiness Small and Medium Enterprises Investment Scheme (AGSMElS), “Real Sector Support Facility-Differentiated Cash Reserve Requirement (RSSF-DCRR) etc. to the tune of over N40 Billion Naira. “We also, recognize the potential of this well-orchestrated collaboration to drive our common goal of breed improvement and sustainable increase in milk production to reduce the milk supply gap of 1.1 million MT (from 600,000mts)”.

Earlier in his speech, the Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr. Ernest Umakhihe, disclosed that government has made commitment to implementing policies that will espouse improvement in the livestock sector.

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