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CBN releases N250m agric loan to Lagos cooperative members

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele
Central Bank of Nigeria (CBN) has released N250 million to Lagos State Agro-allied Cooperative Multipurpose Societies Ltd on behalf of the Federal Government for on-lending to genuine cooperative societies’ members in Lagos at the single digit nine per cent interest rate to accelerate the eradication of poverty from the state.
At a flag-off ceremony last week for the disbursement of the loan, Mrs. Queen Aladejobi, national coordinator/researcher on agricultural/agro-allied matters, who is also the national director of Mobilisation and Poverty Eradication, on behalf of the Federal Government, presented the cheque to the Lagos State Coordinator of Agro-Allied CSP Nigeria Ltd, Chief Sonaiya Olajumoke.
The national coordinator enjoined those who are serious, diligent members of multipurpose societies to go to the office of the Agro-Allied CSP Nigeria Ltd and specify whichever area of intervention would favour them so that their data could be forwarded to CBN for the soft loans with only nine percent interest per year.
Aladejobi said the door is open for those willing to join the umbrella organisation and positively change their lives for the better, adding: “It should be understood that the loan is a revolving fund of the Federal Government for generational wealth creation, which must be paid back for others to benefit from it.”
She said to facilitate access to the loan; all those interested must brace themselves with vital information about the modus operandi, profile and constitution of the cooperatives to effectively and profitably operate their businesses.
Receiving the cheque, the Lagos State Coordinator, Mrs. Sonaiya Olajumoke, lauded the Federal Government for the gesture and stated that agricultural activities had in time past, provided means of livelihood for the population, stressing that Nigeria’s economy and other developmental activities revolved around agriculture.
She urged young, able-bodied men and women to cash in on the initiative and better their lot instead of hunting for white-collar jobs.

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