The Central Bank of Nigeria (CBN) Uyo branch has concluded arrangements to organise an award ceremony for the outstanding Akwa Ibom farmer who performed creditably well in the year 2021.
Additionally, the Uyo branch of the apex bank has also selected the most outstanding financial institution in the state for an award in funding agricultural programmes executed by farmers within the 2021 financial year.
The head, Development Finance Officer (HDFO) of the apex bank in Uyo, Mr. Desmond Ushie, noted that the gesture was in compliance with the approval of the Board of Agricultural Credit Quarantee Scheme Funds (ACQSF).
Ushie explained that the ACQSF gave the CBN mandate to recognize the best farmers and the best financial institutions,in the various states and Abuja, with awards for their outstanding performance and encouragement in agricultural production.
He noted that the ceremony, which will take place at the conference room of the CBN, Uyo today, Wednesday, June 22, 2022, would enable them to recognise and present the best Akwa Ibom farmer and the most outstanding financial institution in the state with cash award, plaque and certificate,respectively.
The winner of the 2021 Best Farmer of the Year award, he said, would be formerly presented with a certificate, plaque and cash award during the ceremony by the Uyo branch of the CBN.
Ushie, who did not disclose the name of the lucky farmer of the year, amount of money to be given to him or her and the most outstanding financial institution, said the fund encourages deposit money banks and micro-financial institutions to lend to people who are engaged in agriculture by providing guarantee.
The scheme, the HDFO, said also introduced new products inorder to package and reposition it for greater efficiency, covering Self Help Group (SHG), Linkage Programmes (LP),the Trust Fund Model (TFM) and Interest Draw back Progress (IDP) to reduce the interest burden on farmers by providing 50 percent rebate on interest element on loans obtained by farmers.
The Agricultural Credit Guarantee Scheme (ACGSF) was established by Decree 20 of 1977 to guarantee Agricultural credit grant to farmers by the lending banks in the country.