3 farmers win prizes for repaying CBN loans on time

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JThree farmers in Cross River State have won awards from the Central Bank of Nigeria (CBN) for prompt repayment of loans from the Agricultural Credit Guarantee Fund (ACGSF).

Another farmer, Ms Henrietta Godfrey, also won the 2021 Farmer of the Year award.

Mr. Udoh Augustine won first place, while Ms. Glory Ekong won second place.

The rewards, which came in the form of cash and certificates to the best farmers, were given by the CBN for their ability to use their loans.

The CBN said the rewards were to serve as incentives for implementing the program and instilling good repayment behavior.

The Comptroller of the CBN branch in Calabar, Ms. Glory Iniuanam, said the winners were encouraged to take out the loan and repay.

“The CBN and the federal government are the initiators of this ACGSF program. It is supported by the bankers committee,” she said.

She added that they guaranteed the loan in case of default and reimbursed 75%, stressing that it was a reliable system.

She also took the opportunity to encourage everyone, especially the farmers, to take the loan as long as they are sincere and able to repay.

Meanwhile, farmers in the state have repaid over N1 billion in agricultural loans received from the CBN. They got the loans under the ACGSF.

ACGSF Chairman, Mr. Peter Stephen Okon said 10,635 loans worth N1.6 billion had been repaid under the scheme in Cross River State.

“We hope that before long farmers in your state will experience the benefits of the new amended law,” he said.

The Chairman of the Board pointed out that a total of 1,224,795 loans worth N129.084b have been guaranteed since their inception until February 2022.

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