The Agricultural Credit Guarantee Scheme Fund (ACGSF) of the Central Bank of Nigeria (CBN), has presented awards to the best farmers of 2021 in Cross River.
The award recipients were chosen for their investment in the agricultural value chain as well as creating a sustainable business plan that guaranteed them a credit facility which they repaid as when due.
Mrs Henrietta Godfrey was awarded as the overall winner of the 2021 best farmer in Cross River, while Mr Udoh Augustine and Mrs Glory emerged as first and second runners up, respectively.
Speaking on Thursday in Calabar, the Branch Controller of CBN, Mrs Glory Iniunam said that the award was given to them with a view to encouraging more Nigerians to venture into agriculture.
She said that the CBN was responsible for guaranteeing the farmers with a view to ensure that the loan is released to them for investment.
“The award is to encourage them to do more investment in agriculture. When other people hear or see this, we expect them to also venture into agriculture.
“The award recipients took a loan to invest and the good thing is that they were able to pay back as at when due.
“The CBN guarantees the loan so that in cases of any default, CBN pays back 75 per cent of whatever loan they took that is why it is a guarantee scheme.
“I want to encourage Nigerians to take the loan and invest in agriculture. Every farmer should take this loan, invest, pay back the loan and make a profit for yourself,” she said.
Also speaking, the Board Secretary of ACGSF, Mr Edwin Nzelu, congratulated the farmers for their deserving award.
Nzelu commended the CBN and the Federal Ministry of Finance for their support, release of funds, and intervention in the scheme.
The winner, Godfrey invested in poultry business by taking a credit facility of N800,000 in 2021 to grow her business; setting up a farm with 4,000 birds and employing six staff.
Godfrey generated N7 million in 2021 after paying her loan as when due.
The first runner-up, Augustine also invested in poultry, where he took a credit facility of N600,000 and was able to generate revenue in excess of N5 million.
Similarly, the second runner-up, Ekong who also invested in poultry, got a loan of N200,000 in 2021 and was able to generate the sum of N900,000.
