The Central Bank of Nigeria (CBN) in partnership with the Bank of Industry (BOI), Sun Trust Bank and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), have disbursed the sum of $1.2 million to Santuscom Agro Investment to boost rice production.
This was disclosed by the Managing Director, Santuscom Agro Investment Company Limited, Paul Ofana, who noted that the firm signed a Memorandum of Understandings with CBN, BOI, SunTrust Bank, and NIRSAL Microfinance Bank to access the facilities.
Ofana stated that the money would be used for the procurement of equipment, plant and accessories for a complete rice milling plant of 60 tonnes per day, which is estimated to cost over N300 million.
“Santuscom Agro Investment Company Limited, the producers of the popular Ogoja Rice have secured and signed an investment deal with BOI and the CBN through the Anchor Borrowers Programme to the tune of $1.2 million, which is equivalent to over N761.9 million.
“The investment from Bank of Industry through the SunTrust Bank is to upscale our rice processing factory to package and process a 60 tonnes per day and five tonnes per hour per boiling mill.
“While the N460 million is secured from the Central Bank of Nigeria (CBN) Anchor Borrowers Programme through the NIRSAL Microfinance Bank to finance 2,000 hectares rice field in Okpoma, Yala Local Government Area of Cross River State,” Ofana said.
He further stated, “It will create employment and wealth for our teeming youths because a lot of them are going to be engaged in activities in our farm and the entire value chain.
“So it’s a huge boost in the agricultural value chain, especially in the rice sub-sector and our target in the next couple of months is to crash the price of rice, which is one of the staple foods in Nigeria.”
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