BOA grants N350m loan to rice firm in Jigawa

The Bank of Agriculture (BOA) on Thursday said it had granted a N350 million loan to a private rice company in Jigawa to boost rice production in the country.

The Managing Director of the Bank, Prof. Danbala Danju, made this known to journalist in Hadejia after inspecting the rice company, Three Brothers Mill Company.

Danju explained that the bank’s intervention was to encourage and intensify domestic production of rice in order to reduce rice importation.

He said that the company had potentials to grow and produce more rice because of the available vast and fertile land in the area.

“The gesture was necessitated by the current situation in the country where substantial amount of money is spent on rice importation.

“The Federal Government is committed, especially with the policy of value change, to support farmers for rice, millet and sugar production as well as other commodities.

”The Bank of Agriculture will help to reverse the trend of importation to that of exportation” he said.

Danju also disclosed that the bank had granted farmers in the state N850 million loans in recent years and added that 6,548 of them benefited.

He said that he visited the state to hold discussions with stakeholders on how best they could be served, the new products introduced by the bank, as well as find out their challenges.

He added that after the consultations, the team would be able to see the areas to be strengthened or consolidated upon.