The Federal Government has charged farmers and industrialists to repay the loans they took from banks following the new agricultural lending rate recently announced by the Central Bank of Nigeria.

Deposit Money Banks had provided funds to farmers at 25 percent to 30 percent interest rate, a development that made it tough for farmers to access loans for agriculture.

Minister of Agriculture and Rural Development, Audu Ogbeh, stated that the old lending rate to agriculture had stifled many businesses in the agricultural value chain, but noted that the new rate would impact positively on the sector.

He also said the Federal Ministry of Agriculture and Rural Development would partner the CBN, banks and farmers‘ cooperatives to ensure that Nigerian farmers comply with the conditions put in place to access loans at the current rate, adding that those who borrowed must repay.

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