Chief Executive of Union Bank, Emeka Enuwa has promised to provide finance in support of rural farmers in the country.
Enuwa noted that as a member of African Rural Agricultural Credit Association (AFRACA), the Bank remains committed to providing finance to rural farmers across the country.
“At Union Bank, we shall continue to provide credit to the agricultural sector and we encourage the other banks to do the same. We remain committed to driving investment in the agricultural sector as an active member of AFRACA and we urge all participants to align with AFRACA’s vision of a rural Africa, where people have access to sustainable financial services for economic development”.
Enuwa went further to say that Agriculture remains the vital tools that can get the country out of the current depleted foreign exchange stressing that agricultural financing and infrastructure development must remain an unbroken chain for economic development.
The Union Bank CEO who spoke in Abuja at a two day workshop on Catalysing the Diversification of the Nigerian Economy Through Effective Agricultural Finance organised by African Rural Agricultural Credit Association (AFRACA), recounted that Nigeria was a major exporter of Palm oil, cotton and rubber in the 80s but the oil boom drifted the nation to focus on oil which has now become a commodity with a value that cannot drive the economy.
He said that most African countries like Angola that are dependent on oil are also going through the same economic challenge and therefore advised government to increase funding to agriculture to enable more farmers have access to credits.
Enuwa pledged the continuous support of Union Bank to rural farmers through a revolving micro credit.
He called on Nigerians to usurp the competitive advantage we have in cassava production to ensure the country become a force in cassava farming and processing.