The Federal Government of Nigeria has approved N15 billion loan to be disbursed by the Bank of Agriculture for farmers at single digit interest rate for the 2013 farming season.  

President Goodluck Jonathan disclosed this at the closing ceremony of the 19^th edition of the Nigerian Economic Summit organised by the Nigerian Economic Group (NESG) in Abuja on Thursday.

Representing President GoodLuck at the ceremony, Vice President Namadi Sambo, stated that the gesture was part of FG plans to mediate in the problems currently facing access to cheap financing by farmers.

The vice president in addition, emphasised that it is also part of the administration’s drive to redefine agriculture as a business and make it more competitive, stressing that government was committed to creating wealth and jobs.

He declared that President Jonathan is addressing all other bottlenecks hampering the agric sector through favourable policy instruments, women and youth empowerment initiative, land security, revitalisation of the transport sector, improving power supply, access to markets and revival of commodity exchange systems.

He however maintained that all hands must be on deck to ensure Nigeria becomes a global agricultural powerhouse, noting the collective future depends on agriculture.